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- 1 RPL price is currently trading at $46.65 (press time), recording an increase of 19.31% in the 24-hour trading volume.
- 2 RPL price observed an increase of 0.92% in the last 24 hours.
As can be observed by the upper high and low of the price, the buyer sentiments regarding the overall price action are bullish despite the slight decline in trading volume in the last two weeks. While RPL price made a hanging inverted hammer pattern on top of the bull rally recently which with a downward curve in price suggests that it can could make a bearish correction in the near future. However, the overall trend of RPL is currently bullish.
RPL Price is Currently a Parallel Channel (1-Day Timeframe)
RPL price after taking support from the $32 price point started trading on an uptrend where it made a rising wedge pattern. The rising wedge is often made when the price starts making bigger moves on each trend while progressing upwards.
The price made its recent high when it jumped from $31 to $53 making gaining 76%. However, after making a correction of 17%, the price broke its support level, making a sharp downfall of 35%.
Despite bearish sentiments in the market, RPL coin gained strong buyer support and made a piercing cloud candlestick pattern. After making this bullish candlestick pattern, the price started trading in an ascending parallel channel.
Technical Analysis (1 Day Timeframe )
The RSI line is currently trading on an uptrend above its median line around 55.87 points, constantly taking support from its 14 SMA which is at 54.29 points. On the other hand, the stochastic RSI is trading near the supply zone where the blue line went under the red line giving a bearish signal.
Conclusion
As of now, the RPL price was rejected from $49.45 where it is also making an inverted hammer candlestick pattern. The making of this bearish candlestick pattern is suggesting that the price might make a bearish correction of 10% where its support level is around $41.56. The current price of RPL is $46.65. The sellers may wait for a double confirmation from the RSI line before making a decision regarding the trend.
Technical levels –
Support –$41.56.
Resistance – $49.45
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.
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.
