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RPL price trending on a bull trend but is it going to make a drawdown? - 2
RPL price is currently taking support from the 20 EMA while trending on a bullish trend
Current overall market sentiments are trading at neutral levels at 52 points in the greed and fear index according to a site alternative(dot)me that measures the market sentiments from various sources. Rocket pool is a decentralized Ethereum staking pool that offers a competitive annual percentage rate of ETH2 staking. The users can join the Rocket pool with their own nods at 16 ETH or from its decentralized node operating network. The current RPL price is $46.56 with a change in 24-hour trading volume of 0.44%.
RPL price trading on a bull run above 20 and 200 EMA
As of now, the RPL price is taking support from the 20 EMA while trading above the 200 EMA and other major key averages. If RPL does successfully take support from 200 EMA RocketPool might give a positive rally of 22% while if it takes resistance from the current levels RPL price might start making a downtrend.
Technical Analysis on ( 1 Day timeframe )
The RPL price is currently trading above the 200 EMA and over other key averages on a bull run while constantly taking support from the 20 EMA which makes it perfect for short-term trades while the overall market has yet to make a proper bull trend while giving consistently predictable movements. RPL price is trading just above the 20 EMA if it successfully takes support from the current levels RPL will continue its up trend.
RPL’s price is currently taking support from the level of $45.95 while its recent support level is 12% below its current price of around level $40.07 dollars and its next resistance is 22% above its current price around the level of $40.07
The RSI indicator is moving in contrast to the price action making an RSI divergence where the RPL price is trading on an uptrend but the RSI is making a downtrend. Currently, RSI is trading at the point 52.34 which is below the 14 SMA trading around point 60.92.
Conclusion
The market sentiments regarding RPL price have been bullish for a while after the EMA’s made a convergence near early January where all the EMA’s were trading very close to each other often after this happens the price gives a big move in either direction and the EMAs start diverging from each other
Technical levels
Support – $45.95 and $40.07
Resistance – $40.07
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.
Source: https://www.thecoinrepublic.com/2023/02/26/rpl-price-analysis-will-rpl-price-come-down-from-the-bull-run/