- RPL token price has been moving zig-zag as it currently trades inside a small range on a 24 hour time scale.
- RPL token price is forming a symmetrical triangle pattern on a 24-hour time scale.
- The pair of RPL/BTC is trading at the price level of 0.001397 with a fall of 2.14% in the past 24 hours.
RPL token price is currently transacting at the price level of $38.68 as it trades inside a small range. As of now the RPL token price is showing tremendous strength despite a fall in the global markets. RPL token price is currently hovering below the previous all time high and a possible bullish breakout can result in formation of a new high.
RPL token price is stuck inside a range
RPL token price, as per the price action, is showing a strong consolidation after a brief fall. The RPL token price has been on an uptrend from the past 2 months as it forms a higher high and higher low price. RPL token price is trading below the 50 and 25 Moving averages. This comes after the RPL token price fell from the supply zone. Moving forwards these MAs can be seen acting as a strong resistance.
RPL token price,as it fell from the supply zone, has resulted in the strong rejection from the upper band of the bollinger band indicator. At present, the RPL token price is trading at the middle of the bollinger band indicator. The range of bollinger band indicators has narrowed indicating a strong momentum, whichever side it gives a breakout.
RPL token price forms symmetrical triangle pattern on a 24-hour time scale
ADX curve has been falling from the past couple of weeks as the token price fell after forming a new high. As of now, the ADX curve is transacting the level of 17.35. However, the ADX curve has now turned sideways indicating a possible halt in the bearish momentum and change in price structure. If the same happens then the token price can be seen rising higher triggering a breakout.
RPL token price, as the MACD indicator suggests, is bullish. Recently, the RPL token price was seen rising from the demand zone and as a result the MACD triggered a positive crossover. Since then the MACD indicator is trading positively and the recent brief fall has been confirmed by the MACD indicator as the MACD lines were also seen contracting.
Conclusion: RPL token price is trading in a small range i.e $43 -$39 as it manages to hold off the bearish trend prevailing in the global markets. The technical parameters are also suggesting a bullish move. If the RPL token price successfully breaks the supply zone then it can be seen rising higher, making new highs and if it doesn’t then a bearish trend can be on cards.
Support: $37 and $39
Resistance: $49 and $43
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/2023/03/25/rpl-token-price-analysis-token-price-ready-for-a-breakout/