RXRX Follow-Up: Still Watching for Breakdown, But Bulls Need to Defend This Level

🐻 **Bearish / cautious short-term** 🐻
**Ticker:** RXRX
**Current area:** around **$3.15–$3.20**
**Bias:** still bearish short-term, but watching for confirmation
**Breakdown trigger:** lose **$3.10**
**Primary downside target:** **$2.87–$2.80**
**Stretch target:** **$2.60**
**Invalidation:** reclaim and hold above **$3.25–$3.35**

Following up on yesterday’s RXRX post because the setup is still interesting, but the chart has shifted a bit.

Yesterday I was watching the $2.97 area with a bearish short-term bias. Since then, RXRX has bounced back into the **$3.15–$3.20 zone**, which makes this a cleaner test in my opinion.

I’m not calling for an automatic dump here. In fact, bulls are still in control intraday as long as price stays above the short-term moving averages and holds the **$3.10–$3.13** area.

But I’m watching this as a possible **lower-high / failed bounce setup**.

What I’m seeing today:

* Price is pressing into the **$3.18–$3.21 resistance area**
* RSI is elevated but not extreme, roughly low/mid 60s
* MACD has been fading/cooling at times, but still needs price confirmation
* Price is still above the short-term EMAs, so bears do not have full confirmation yet
* Key support remains **$3.13–$3.10**
* If $3.10 breaks, I think **$3.00**, **$2.87–$2.80**, and possibly **$2.60** come back into play

The part I’m most curious about is the order book.

There appears to be meaningful bid liquidity lower, especially around:

* **$2.90–$2.87**
* **$2.80**
* **$2.70**
* **$2.60**, where I saw a much larger visible bid

Obviously visible bids can get pulled, so I’m not treating that as guaranteed support. But it does make me wonder whether buyers are waiting lower instead of chasing this bounce.

My current read:

RXRX is not a “garbage company” short. That was never my point. The company has runway, real partnerships, and headline risk.

But short term, I still see this as a weak-chart / high-cash-burn / low-revenue name trying to bounce off lows. Until it proves strength above **$3.25–$3.35**, I’m not convinced this bounce has fully changed the trend.

**Plan I’m watching:**

* Failed bounce near **$3.18–$3.25**
* Breakdown confirmation below **$3.10**
* First target: **$3.00**
* Main target: **$2.87–$2.80**
* Stretch target: **$2.60**
* Invalidation: reclaim and hold above **$3.25–$3.35**
* Squeeze risk increases above **$3.35–$3.50**

Curious what everyone else is seeing.

Does this look like a lower-high / breakdown setup to you, or are buyers still in control as long as RXRX holds above **$3.10**?

Not financial advice. Just looking for chart feedback, order flow reads, and opposing views.