Rocket pool was stuck in a consolidation zone ranging between $44.30 and $52.50 since mid-April. During June, RPL price received several rejections from the $50 level indicating that bears do not want the price to rise above $50 which induced bearish momentum in the price.
Recently, RPL priced a breakout from the consolidation zone in a downward direction. The cryptocurrency price shattered the support level of $44.30 and fell approximately -13.50%. The uptrend which started in March has been broken by the price.
Currently, the RPL price has created support at the $39 level and is headed toward the support-turned-resistance of $44.30. The concern rises to nearly $42 as the price is receiving a bit of rejection from the price level. The body of the candle has also turned small suggesting about a decrease in bullish momentum.
The current candle has also turned bearish and if bears can push the price below the lower wick of the previous candle, there is the possibility of a short-term pullback in the price. For the RPL price to retest the yearly high ($65.32), it needs to gain bullish momentum and shatter the resistance level of $52.50 to head toward the yearly high. RPL price is down roughly 73.3% from the all-time high of $154.73.
On the other hand, if bears can push the price below the recently formed support of $39, there is the probability that the price might head toward the March low of $34. The current market shows a decrease in bullish momentum. The market leaders, Bitcoin and Ethereum have also started to bounce back after the fall due to uncertainty in interest rates.
Will RPL Price Fall Below $39?
RPL price is trading below 20,50,100 and 200-day EMAs indicating bearish pressure in the price. The Chaikin money flow score is -0.29 indicating weakness in the market. RSI trades at 36.87 which started to rise after touching the oversold zone indicating a rise of buyers in the market to protect the price from further downfall.
RPL price reached the lower band of the Bollinger and started to retrace but it seems like the price is losing bullish momentum. The long/short ratio is 1.31 with 56.74% longs and 43.36% shorts suggesting that the price is still in control of buyers in the last 24 hours.
Conclusion
The overall trend for rocket pool on a higher time frame is still bearish. Daily, the RPL price has formed support at $39 and started to show bullishness for a retracement. The technical parameters are suggesting increased participation of buyers in the market. Traders should be cautious around the $42 level.
Technical Levels:
Major support: $39 and $34
Major resistance: $42.30 and $52.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/18/rocket-pool-price-prediction-rpl-price-initiates-recovery-phase/