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- 1 Rocket Pool price prediction is mildly bearish and short-term correction may continue in January 2024.
- 2 RPL price drops below the 50-day and 200-day EMAs, showcasing that the trend is reversing down.
- 3 The Rocket Pool crypto price returns back to the demand zone.
Rocket Pool price prediction is bearish for the short run and suggests the bears might drag the price toward $22.00. RPL is trading near to the demand and buyers are trying their best to defend it.
In mid-November, sellers tried to pull the price below the $25.00 level to erode the previous gains. The buyers were active and succeeded in defending the support. So, a similar kind of scenario is getting built up and investors expect that buyers might again come forward and show a bounce.
RPL price slipped below the 50-day and 200-day EMAs, showcasing the initial signs of a bearish trend reversal. However, the confirmation will come when the price drops below $25.00 and sustains.
The chart pattern of Rocket Pool crypto says that bullish momentum is lost and the price entered into the correction phase.
The sellers are active in the supply zone and trying to reject the price in every short-term bounce. Therefore, investors need to be careful and wait for confirmation of upside reversal before building fresh longs.
Currently, RPL price is trading at $26.74 with a one-day uptick of 0.15%. The volume to market cap stands at 0.84% denotes liquidity is very low so the buy/sell spread is expected to be high.
Will Rocket Pool Price Recover from $25 Support?
Rocket Pool price faced rejection from $32.00 and corrected approximately 22% from the recent swing high. It struggles near the demand zone and no reliable signs of bounce back are visible.
The price action says that bears are aggressive so 5% to 10% more downfall is possible from current levels.
On the lower side, $22.50 may act as immediate support for the bulls. They may try to halt the downfall near the $22.50 level and might show a short-term recovery.
RPL Price Analysis: Sellers are Dominating
RPL price fell 12% in the previous week and broke down the $28.00 level. It triggered the negative sentiment and raised concern for long-term investors.
The MACD curve is near to the zero line but sloping sideways denoting consolidation in price is possible. However, the histogram bar is red indicating the strength of bears. The RSI at 43 denotes weakness but if the RPL token price recovers, it may reach the neutral zone.
Conclusion
Rocket Pool price is in the short-term correction phase and sellers are trying to take control over the $25.00 demand zone. The analysis suggests that the RPL price is inside the bear grip. So, a 5% to 10% more decline is possible.
Technical levels
- Resistance levels: $32.00 and $34.79
- Support levels: $22.62 and $17.00
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 other advice. Investing in or trading crypto assets 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.
