Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
The Rocket Pool crypto has been facing downward pressure on the charts. It made lower lows over the past few months. The trading volume was also low, as the investors lost interest in the crypto. The crypto also saw a drop in user activity, which added to the negative sentiment and bearishness in the charts.
The bears had the upper hand in the current trend, and the crypto was in a correction mode, which made the buyers wary. The Rocket Pool crypto was trading below the key moving averages and was trying to reach the 50-day EMA to sustain the gains.
At the time of writing, the Rocket Pool price is trading at $20.88 with an intraday drop of 0.14%, showing a prolonged downtrend. Moreover, the intraday trading volume is $2.645K and the market cap is $363.73 Million.
Year-to-date, it gave nominal returns of 5.08% and negative return of -45.88% in the span of 6 months. In the last 1 month, it gave a negative return of -11.60% and -5.56% in the last seven days indicating a long Bearish trend continuing till now.
Will Rocket Pool Crypto Price Break Above the 50 EMA?
At the time of publishing, Rocket Pool crypto (USD: RPL) was trading above the 50 and 200-day SMAs (Simple moving averages), which do not support the price trend.
The MACD line at -0.78 and the signal line at -0.78 are below the zero line. A bullish crossover is observed in the MACD indicator which signals more strength for the RPL crypto price. The current value of RSI is 34.62 points. The 14 SMA is above the median line at 40.55 points which indicates that the Rocket Pool crypto is bearish.
Weekly Time Frame Technical Evaluation For RPL Crypto price
On the weekly charts, the Rocket Pool price is stuck in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the bearish range and does not signal bullishness.
The RSI curve is near 31.79, in the neutral range, consolidating in a narrow range on the short-term charts. The MACD shows red bars on the histogram with a bearish crossover and is not suggesting any substantial upswing for the coming sessions.
Summary
Rocket Pool crypto is showing weakness and bearishness in the short term, as it has been in a downtrend for the past few months. The crypto price is currently trading below the key moving averages and is trying to reach the 50-day EMA to bounce back. The technical indicators, such as the RSI, the SMA, and the MACD, are also indicating that the crypto is bearish and has a low momentum. However, if the crypto can break above the 50-day EMA and the MACD can cross above the signal line, it is likely to recover in the long term. Therefore, investors should be cautious and watch the daily time frame chart for any signs of change in direction before making any next move.
Technical Levels
- Support Levels:$17.60 and $12.81.
- Resistance Levels: $27.09 and $31.88.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Source: https://www.thecoinrepublic.com/2023/09/22/rocket-pool-forecast-will-rpl-crypto-flip-the-game-in-2023/