PATNA (CoinChapter.com) — iExec’s RLC token has risen by more than 60% in a week and was trading for as high as $3.50 on Feb. 19. However, the decentralized cloud platform token lacks any tangible bullish cues, suggesting that hype might be fueling the rally.
The Evolution of iExec’s IDE for Oracles
iExec’s RLC price rally surfaced majorly due to the bullish euphoria led by the Bitcoin (BTC) boom above $50,000 following the approval of spot Bitcoin ETFs in the US. More upside cues for the crypto came from its Integrated Development Environment (IDE) update for its Oracles network.
The recently launched IDE for Oracles within the iExec ecosystem aims to enhance the ease of development for the crucial components. Oracles in the iExec ecosystem are vital for bridging blockchain platforms with external data in a secure manner.
The iExec development team designed the new IDE to simplify the creation of these oracles, aiming to make it more straightforward and less time-consuming for developers.
iExec’s RLC Price Boom Stands Overheated
iExec’s RLC price rally continued on Feb. 19, jumping nearly 4% from the day’s low of $3.5. The uptrend resulted in the iExec token price trading at levels it last saw in December 2021. However, the rally has pushed iExec’s daily relative strength index (RSI) — a momentum indicator that measures the magnitude of recent price changes — above 70, indicating overbought conditions.
Overbought RSI levels usually precede a bearish reversal or a consolidation phase for an asset, which is why traders consider the occurrence a sell signal. Moreover, the supply wall near $3.77 will likely rebuff RLC price’s upside attempts.
If the rally fizzles out, RLC price could fall to the support near $3.2. Moreover, failure of the immediate support level might force the iExec token to test the support near $2.75 before recovering.
On the other hand, breaking above the immediate resistance could help the RLC price rally to the support near $4.42.
