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- 1 Rocket Pool (RPL) pulled back after a correction.
- 2 RPL price faced rejection near the resistance zone of $35.
Rocket Pool (RPL) RPL token price rebounded from the demand zone of $17 and retested the neckline of $35. However, buyers failed to extend the pullback and faced rejection. Thereafter, the RPL token fell to the 20-day EMA mark and broke down from the channel’s lower trendline.
Furthermore, the technical data of RPL shows that buyers are losing momentum. Additionally, buyers started unwinding their positions and a lower high formation displayed a fake rebound on the charts. Despite the buyers’ efforts, the bears played well and tightened their grip resulting in a throwback.
The price of RPL token at press time was $26.81 with an intraday drop of 5.81% showing retracement in the last trading sessions. Moreover, the trading volume increased by 0.87% to $5.40 Million and the pair of RPL/BTC is at 0.000751 BTC. However, the market cap of RPL is $517.05 Million. Analysts gave a neutral rating and suggested volatility may continue in the upcoming sessions.
Daily Charts Displayed Rejection Near $35
On the daily chart, the RPL token witnessed a rebound from the support mark of $17 and formed a rising channel that met the resistance zone of $35 close to the neutral trajectory. Afterwards, buyers tried their best to surpass but failed and dropped to the 50-day EMA mark.
The RSI curve stayed close to the midline and formed a positive divergence suggesting that RPL may scratch the hurdle of $35 soon.The MACD indicator showed a bearish crossover and formed red bars on the histogram showing a fake pullback on the charts.
RPL on Weekly Charts Shows Rebound
On the weekly chart, the RPL token bounced, surpassing the 20-day EMA mark. Now, the bears engulfed more than 50% of the previous bullish candle exhibiting the reversal from the $35 mark. However, the correction has ended and a hammer candlestick was witnessed on the bottom zone of $17.
RPL token failed to extend the gains beyond the 50% Fibonacci retracement zone and re-entered the bearish trajectory indicating bears’ grip near the supply zone of $35.
Summary
Rocket Pool (RPL token) revealed a pullback from the demand zone of $17 and met the supply zone of $35 highlighting buyers’ accumulation on the charts. Afterwards, bulls overpowered the bears striking RPL token down to the 20-day EMA mark.
Technical Levels
Support Levels: $25 and $22
Resistance Levels: $28 and $30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
