Rocket pool (RPL) Price Prediction: RPL token price skyrocketed, Is the RPL undervalued ?

• Rocket pool token price shot up 102% on a monthly basis and formed a bullish engulfing
• RPL token price sustained above 200 day EMA and rising upward by forming higher high candles

Rocket pool crypto price is trading with bullish cues and bulls are trying to show its dominance on the resistance levels. The previous few sessions are in the favor of bulls and prices are continuing the upward momentum. Currently, The pair of RPL/USDT is trading at $39.8400 with an intraday gains of 8.40% and the 24-hour volume to market cap ratio at 0.0794

Will the RPL token outperform in 2023 ?

On a daily time frame, RPL token prices are on a continuous rise and forming higher high swings which shows the dominance of bulls at the supply zones. 

From the past couple of months, Rocket pool crypto prices are quite stable and struggles to trade above the 50 day EMA, but luckily in the month of January, buyers take the initiative to push the higher and succeed to break out of the previous supply zones. 

RPL token prices are trading above the 50 day as well as 200 day EMA and volumes are keep on increasing shows that the investors are building long positions and expecting the outperformance in the coming months. However, prices are inside the resistance zone and $43.00 will be acting as an immediate hurdle for bulls. If buyers succeed to breakout of the $43.00 hurdle level then the next destination will be at $50.00

The Rocket pool token had entered into the top 100 list of the Coinmarket cap which has grabbed the attention of investors and prices rallied 102% approx on the monthly basis shows the confidence of buyers at the lower levels. However, the RSI curve is at (78) near to the overbought zone which can create trouble for bulls for a short period of time. On the lower side, $27.91 and $23.92 will be acting as support levels for bulls and any down move towards the support zone will be a buying opportunity for the long term investors.

Summary

RPL token prices are on the recovery mode and prices do not show any signs of weakness in the supply zones but the RSI denotes the prices are near to overbought zone and may witness minor corrections. Technical analysis suggests that RPL crypto prices have shown an excessive rally and it will be better if prices consolidate for some period of time. Therefore, traders should look for minor corrections before building fresh long positions. 

Technical levels

Resistance levels : $43.00 and $50.00

Support levels : $28.00 and $20.00

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 assets comes with a risk of financial loss.  

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