iExec, the cloud resource marketplace platform, could be about to moon after announcing a huge partnership with tech giant, Intel (NASDAQ:INTC), during the Consensus Conference earlier this month.
This new deal not only couples with the team’s new compatibility with RSK to implement Ethereum smart contracts on the Bitcoin network, but also the project’s plans to launch iExec V.2 “Dragon In The Clouds”, which will include a testnet release of their new cloud resource marketplace. According to the team’s development letter,
‘iExec introduces a new paradigm in cloud computing: it will allow the trading of computing resources as commodities; in the same way we may observe with resources such as oil, gold or rice”
Bullish traders have been quick to respond to this volley of news and updates, surging the token price over 114% already from 15,000 Sats to a peak price point of 32,145 Sats, but is this just the beginning for iExec? Let’s take a look.
Looking at RLC’s price action over 4hr candles we can see a bullish cup and handle pattern form, with the recent price correction completing the handle as it retraces to the cup rim at 28,500 Sats.
This pattern is typically associated with a strong continuation and is supplemented with the 50 EMA (blue) separating further away from the 200 EMA (red), which helps confirm the projected uptrend.
As the crypto market remains predominantly bearish, it is likely that this asset will only continue to boom; as short-term investors in particular, withdraw from many of the poor performing cryptocurrencies today and enter into RLC in the hopes of profiting from the rallying excitement.
Indicators are also looking promising over 30min candles for the current candle activity:
- With moving averages on the MACD indicator both high above the signal line, although beginning to oscillate between convergence/divergence as the market swings wildly between buying momentum and selling pressure.
- RSI is whipsawing inside the upper quartile of the channel, with a brief overbought moment in an earlier bull run. For now, it continues to hold level without any signs of dropping.
- Ichimoku is showing a high rising Tenkan-Sen above the Kijun-Sen line along with a supporting kumo cloud, which is another bullish continuation confirmation.
iExec (RLC) Price Prediction
With iExec v.2 set to launch very soon and new announcements to come from the partnering work with Intel, to deliver off-chain private computing, RLC should continue to perform well over Q2.
Cup and handle pattern price targets are usually set above the cup, at the same distance that resides between the bottom of the cup and the rim. In this case this distance is 17,011 Sats, which we can then use to predict the top end target of this continuation.
Applying this, the top price figure for RLC should sit at 45,569 Sats - delivering a 59.54% ROI from the cup rim level.
This article appeared first on Cryptovest
