Market Overview for iExec RLC (2025-08-08)

• iExec RLC posted a 12-hour rally but closed near the low of the session amid heavy volume and volatility.
• A bearish engulfing pattern formed near 1.005, signaling short-term profit-taking and momentum divergence.
• RSI shows overbought conditions, while Bollinger Bands narrow before a sharp breakout attempt.
• Turnover spiked during the 14:00–16:00 ET window, suggesting active short-term trading pressure.
• 61.8% Fibonacci retracement at 0.985 may serve as near-term support ahead of key 0.975 levels.

The 24-hour session for iExec RLC (RLCUSDT) opened at 0.975, hit an intraday high of 1.010, and closed at 0.989 by 12:00 ET. Total volume traded was 303,351 RLC, with a notional turnover of $303,351 (based on price-weighted average). The price action showed a strong breakout attempt but faced immediate selling pressure in the afternoon.

Structure & Formations

RLCUSDT formed a bearish engulfing pattern around the high of 1.005, suggesting near-term exhaustion in the bullish move. A key support level appears to be the 61.8% Fibonacci retracement at 0.985, followed by 0.975, which has historically acted as a floor. The 50-period moving average on the 15-minute chart crossed below the 20-period line, signaling a potential short-term correction.

Moving Averages and MACD

On the 15-minute chart, the 20-period MA crossed under the 50-period MA, confirming a bearish bias. MACD showed a negative divergence with price during the early morning rally, reinforcing the view of weakening momentum. The daily chart remains above the 50 and 100-period MAs, suggesting that the broader trend is still constructive.

RSI and Bollinger Bands

Relative Strength Index (RSI) peaked near 85, indicating overbought conditions and a probable reversal. Bollinger Bands contracted in the early hours before expanding with a sharp move higher, signaling increased volatility. Price closed near the lower band of the bands during the afternoon pullback, suggesting a possible rebound from key support.

Volume and Turnover

Volume surged in the 14:00–16:00 ET window, particularly during the high-volume candle at 1.009, which saw 24,278 RLC traded. Notional turnover confirmed this with a significant spike. However, volume during the decline in the afternoon was relatively thin, raising questions about the strength of the bearish move.

Fibonacci Retracements

Applying Fibonacci retracements to the key 15-minute swing from 0.967 to 1.009, the 61.8% level at 0.985 appears to be a probable near-term support. On the daily chart, the 38.2% and 61.8% retracements are at 0.998 and 0.986, respectively, which could serve as potential pivot points for short-term traders.

RLC may face near-term uncertainty as it tests 0.985 support. If buyers step in, a rebound toward 0.995 is possible; a breakdown below 0.985 could extend losses to 0.975. However, traders should remain cautious of divergences in volume and momentum indicators.