RPL Anticipating to Catch $50, What’s Next?

The Rocket Pool (RPL) token price has escaped the consolidation zone and has delivered a range breakout in recent sessions. Moreover, the price action shows the bullish crossover and displays a much-awaited move in the form of a bullish engulfing candlestick, which escaped multiple hurdles in a single go. Furthermore, the technicals are replicating the investors’ willingness to uplift the token toward $50. 

The RPL token price has escaped the key moving averages and crossed the neutral region sharply. Amidst the positive sentiments, the token crossed the hurdle after 3 months of struggle and finally escaped the region. However, the price action shows that the token has retested the zone and is ready to shine the gains above $40 soon.

Rocket Pool (RPL) was at $34.28 at press time with an intraday drop of 0.90%, showing a retest structure in the recent session. Moreover, the trading volume increased by 1.80% to $9.95 Million, highlighting bullish sentiments. The pair of RPL/BTC was noted at 0.000804 BTC, while the market cap is $648.81 Billion. Analysts are bullish and suggest that the RPL token price will reach $50 soon.

RPL On Daily Charts Displays Range Breakout

On the daily charts, the RPL token price has gotten rid of the range-bound moves and escaped the cage pattern after a long time. Moreover, the technicals display a positive crossover and bulls are keen to lift the token toward $50. Meanwhile, the follow-on buying momentum was missed. The volume also remained average and did not favor the up move.

The relative strength curve (RSI) stayed close to the midline and reflected a neutral sentiment. Moreover, the MACD indicator shows a bullish crossover, and the green bars on the histogram suggest the buyers’ dominance.

Will RPL Token Escape 50-Day EMA Mark?

On the weekly charts, Rocket Pool Token reveals a reversal and has healed from the lows of $18, recovering over 50% in the recent sessions. However, the 50-day EMA mark acted as a resistance and was a challenge for the bulls to extend the rally. Per the technicals, the token has completed its correction, reverted the downtrend, and is displaying neutrality on the charts.

Summary

Rocket Pool (RPL) token price has escaped the range, displaying a breakout in recent sessions. However, the buyers failed to stretch the upmove and are retesting the neckline of $35. Furthermore, the trend is strong and buyers will soon attain momentum and forcefully push RPL toward $50 in the following sessions.

Technical Levels

Support Levels:  $30 and $26

Resistance Levels:  $38 and $45

Disclaimer

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.