Rocket Pool rises by nearly 13% to conclude the consolidation trend formed after a sharp correction in RPL price. The prices corrected the massive upsurge that occurred due to the famous Ethereum Shapella Upgrade. The decentralized staking protocols such as Rocket Pool have seen net inflows of $68 million due to the development made in Ethereum staking by the upgrade. The platform is now the fifth-largest staking provider. The present price trend portrays an optimistic outlook by the investors of RPL.
The Picturesque
The RPL price rose by about 13% in the past few days to break the consolidation channel. The prices underwent consolidation following the sharp corrective movement which took place to rectify the price rally due to Ethereum Shapella Upgrade. The price rally was also amplified due to the formation of a rising channel which prepared the foundation for the breakout. The prices reversed after being rejected near $59.40 and formed a downtrend.
The current price surge can re-establish the bullish trend and aim for higher price levels than the previous peak. The Bollinger Bands diverge and go parallel to indicate nullification of the trend due to sudden rise and fall. RPL price shoots beyond the EMA ribbon to mark a bullish swing. The trading volume suggests an increasing buyer interest. The OBV displays a similar volatility as it marks a non-distinct trend. The recent rise sends price beyond the 0.382 level of Fib retracement.
The Peephole
In the four hour time frame, RPL price forms a rising trend due to the current rally. The Super Trends mark the beginning of a bullish trend after a brief bearish swing. The CCI drops from higher ranges to 130 to mark a declining difference between historical prices and RPL price at press time. The MACD undergoes a bullish divergence and records ascending buyer bars in the region above the zero-histogram mark. The RSI moves near the overbought zone to represent overwhelmed buyers driving the market.
Conclusion
The market for Rocket Pool displayed highly volatile movements due to the Ethereum Shapella Upgrade. The current trend can induce the bulls to lift prices beyond previous peak. The volume sentiments look positive and can create a buying spree for RPL. The holders can rely on the support near $45.50.
Technical levels
Support levels: $45.50 and $37.65
Resistance levels: $56.45 and $59.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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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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.
Source: https://www.thecoinrepublic.com/2023/05/04/rpl-price-prediction-rocket-pool-to-propel-near-recent-peak/