Rocket Pool price shows a buying attempt and trying to escape the channel highs, and buyers are willing to surpass the 50-day EMA. Moreover, the price action shows that bulls are looking for a reversal but facing rejection near the trendline and a rejection wick, indicating sellers’ grip near the resistance zone of $25. However, the chart structure shows a downtrend of RPL crypto and suggests that sellers persist in making short positions resulting in a decline for the past sessions.
RPL crypto price showed a bullish candlestick in the last trading session and surpassed the 20-day EMA, suggesting buyers are trying to flip the downtrend and looking for a breakout. However, sellers maintained a firm grip and tried to prevent the range. If the price escapes above $30, a sharp run toward $38 followed by $45 can be seen, whereas if the price slips below $22, it will head toward $15.
The Rocket Pool (RPL) chart shows a decline and persists in the fall for the past months, showing sellers’ dominance. However, the price has retested the demand zone and is willing for a reversal to retain the swings of $30 and $38 in the upcoming sessions.
At press time, RPL crypto is trading at $25.05 with an intraday gain of 15%, showing buyers accumulation on the charts. Moreover, the trading volume increased by 3.26% to $11.50 Million, and the pair of RPL/BTC is at 0.000972 BTC. However, the market cap of RPL crypto is $477.36 Million. Moreover, Analysts maintain a neutral rating and expect a significant growth outlook for the following sessions.
RPL Crypto Shows A Bounce On Daily Charts
On the daily charts, RPL crypto price shows a pullback from the support of $22, surpassing the 20-day EMA, indicating a shift in momentum in the last trading session. Moreover, price action shows buyers’ interest and long buildup activity, suggesting a reversal in the following sessions. Furthermore, RPL crypto is near the 38.2% Fib level, which buyers are looking to surpass and waiting for a channel breakout above $30.
The RSI curve shows a reversal from the oversold region, and a positive crossover was noted, indicating buyer accumulation on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, showing that buying interest is developing now and bulls are trying for a breakout.
Summary
Rocket Pool (RPL) price is gaining traction and looking to surpass the channel trendline above $28. Furthermore, the buyers were attaining strength and made a solid bullish candlestick escape the 20-day EMA hurdle, indicating a fresh start of an uptrend. However, bulls need to attain follow-on buying and surpass the 50-day EMA hurdle to continue the momentum in the ongoing sessions.
Technical Levels
Support Levels: $22 and $15
Resistance Levels: $30 and $38
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
Source: https://www.thecoinrepublic.com/2023/09/04/rpl-price-prediction-will-bulls-succeed-in-escaping-50-day-ema/