Rocket Pool (RPL) Coin: Will RPL/USDT Price Turn Bullish?

• RPL coin is currently at $22.03, with an increase of 3.43% during this week’s trading session.
• The RPL coin price is below the 20, 50, 100 and 200-day EMAs.

The Rocket Pool (RPL) coin was launched in September 2017. It is a decentralized Ethereum staking protocol that is run by the community, it works on the basis of running nodes that verify transactions for the ETH’s 2.0 network. It is also the first ETH staking pool that is fully decentralized.

Rocketpool (RPL) Coin: Technical Analysis

The Rocketpool (RPL) coin price has increased by 1.96% in the last 24-hours. The current trading volume of the coin is $22.03 with a 24-hour trading volume of $2,010,270, which shows a decline in volume by 20.57% since the last trading session. The current market capitalization of the coin stands at approximately $433,430,522. Additionally, the coin has a circulation supply of 19,694,370 RPL.

Technical Analysis Of RPL Coin

The coin has continued moving in a downtrend since June 10 2023. In this chart, the price has a strong resistance to the trendline forming above. It has also made $20.63 its support level recently, which sustains the price above the $21.23 level.

The price is currently at $22.03 after a rise of 6.61% because of the strong buying pressure from the support level.  In the last four trading sessions, the price has formed a strong bullish candle at $21.23, reflecting the bears’ presence at that zone.

If the RPL coin price gives a breakout of the trendline, then the price may be seen rising up to the $23.25 resistance level. If it also breaks above that level, then it may reach its resistance level at $26.00. On the other hand, for the price to continue its bearish trend, it should close below $20.63 after which it may drop to the $19.83 support level.

Technical Indicators On The RPL Chart

The Rocketpool coin price is trading below the 20, 50, 100 and 200-day EMAs and is facing strong resistance from the 20-day EMA. This shows that the price is dominated by bears.

The relative strength index (RSI) is currently at 45.60, which is close to the 50 mark on the middle band. This suggests that there is some room for potential buying activity, but it also indicates that the price lacks significant upward strength at the moment.

Conclusion

Overall, the price structure of the Rocketpool (RPL) coin is bearish. The coin price is at $22.03. If the RPL coin price gives a breakout of trendline then the price may be seen rising up to the $23.25 resistance level. If it also breaks above that level then it may reach its resistance level at $26.00. However, for the price to continue its bearish trend, it should close below $20.63 after which it may fall to the $19.83 support level.

Technical Levels

• Resistance levels: $23.25 and $26.00
• Support levels: $20.63 and $19.83

Disclaimer

The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.