YEREVAN (CoinChapter.com) – iExec token RLC rallied 19% to $2 on Jan. 22 but was down around 50% in a week. Nonetheless, technicals predict gains for the altcoin in the coming week. Here’s why.
Talent Layer project, a part of the iExec ecosystem, integrated its Web3 stack into the ChatGPT App Store on Jan. 18. This integration possibly increased interest toward iExec and, by extension, influenced the RLC price. It signifies a notable development in the capabilities and applications of ChatGPT, particularly in the context of Web3 technologies.
iExec RLC Trades In A Symmetrical Triangle
The RLC token price action has moved within a formation known as the ‘symmetrical triangle’ since April 2022, best visible on the weekly chart.
In detail, a symmetrical triangle setup forms when the price of an asset creates lower highs and higher lows, converging into a triangle. This pattern indicates a period of consolidation before the price breaks out. It’s directionally neutral until a breakout occurs.
Likely Target For RLC Coin
The target is typically estimated by measuring the widest part of the triangle and projecting that distance from the breakout point. Traders watch for high volume to confirm the breakout direction, either upward or downward, to predict the continuation or reversal of the current trend potentially.
As RLC broke the triangle’s resistance on Jan. 19, the target for the iExec token would stand at $3.6, or over 75% higher than the current value.
Moreover, the recent heightened activity took the trading volumes in the week starting Jan. 15 to over $530 million, the highest since 2021, which could signify active interest in the token.
More Information on The iExec Project
The RLC token is the native cryptocurrency of the iExec platform. IExec is a decentralized cloud computing platform built on the Ethereum blockchain. The platform allows for developing and running decentralized applications (dApps) and smart contracts that require high computational resources.
RLC, which stands for “Run on Lots of Computers,” is a means of exchange in the iExec ecosystem. Users utilize It to pay for computing resources within the network. This includes tasks like executing dApps, renting servers, and storing data.
The RLC token operates as an ERC-20 token on the Ethereum blockchain. It means iExec follows a set of standards allowing it to share, exchange, or transfer the token to any wallet that supports Ethereum-based tokens.
iExec aims to create a decentralized cloud environment where individuals and businesses can monetize their computing power, applications, and datasets.
