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- 1 Rocket pool is standing at $47.35, while seeing a decrease of -2.69% so far today.
- 2 RPL price is forming higher lows since mid of march.
- 3 The 24 hour trading volume of Rocket pool is up by 1.53% at time of writing.
Rocket pool is considered to be an Ethereum staking pool. The protocol helps in lowering both capital and hardware requirement for staking ETH 2.0, adding to decentralization and security on Ethereum. The current market structure for rocket pool shows active participation of buyers in the market pushing price from newly formed higher lows.
The bullish rally for rocket pool started when price hit a low of $34 on March 11 pushing price upwards forming a high at $65.32. RPL price n corrected move by dropping approximately 32% from high and forming a low $44. Active participation of bulls again pushed price to form a high at $53.45 level. The weekly return of rocket pool is in green and is currently at 1.57% while monthly is at 5.67%.
Current candle has breached recent support of $48 and price is headed towards immediate support of $46. Interest in staking has increased especially through decentralized pools since ethereum transferred to proof of stake blockchain in previous year. The will help ETH holders in earning rewards by Locking up cryptocurrency to keep blockchain running smoothly.
Major issue rises if price starts breaking support and moves out of trend line causing price to fall $34 level as previously in month of february price did same move to by dropping to $34 level. Rocket pool saw a surge in interest from retail investors last week who are looking to stake Ethereum causing a rise in price but upward move was not sustainable. Investors should be aware of risk involved with liquid staking platforms as the Ethereum team decides to reduce its staking threshold for nodes.
RPL Technical Analysis:
RSI trades at 49.36 level in neutral territory indicating that price has the same pressure from bulls as well as bears. The current price action for the rocket pool is slowly turning messy and the price doesn’t have enough volume for making bigger moves. Current volume for the Rocket pool resides at 7.399k. The Chaikin money flow score is -0.19 indicating strong weakness in the market and possibility that price might reach $44 if it can cross the messy zone on the left. The bands of Bollinger have contracted due to low volatility in the market and price is residing near the 20-day SMA of Bollinger.
Conclusion:
The current price action and market structure for rocket pool seems to be showing signs of bearish momentum in the market but the overall trend for rocket pool is still bullish. The technical parameters indicate bearish momentum might soon hit the market.
Technical levels:
Major support: $42.5 and $38.
Major resistance: $52.50 and $60.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or or advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
