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- 1 Data on Defilama for key indicators including TVL, Inflows, and Dev Commits shows great promise for the token.
- 2 The CMP is $29.87, TVL at $3.815 Billion, and the 24-hour RPL volume at $6.04 Million.
Rocket Pool (RPL) functions on the Ethereum blockchain and its RPL Token is an ERC-20 standard. Its governance is split across its Oracle DAO which works as a beacon chain that acts as a bridge between the smart contracts, and Protocol DAO which is responsible for setting up the staking requirements and commissions for nodes, and deposits.
As per Defilama, the number of developers has increased and developer commits are changing over time. Last year, the developers and commits have shown sustained growth when compared to the last five years’ data.
Rocket Pool (RPL) Social Media Activity Chart
The increasing number of tweets mentioning RPL highlights its growth and shows that it is among the bruited topics of the month.
Moreover, the number of tweets surging could be due to any recent development, any public figure’s direct or indirect involvement, and rumors as well. Social media acts as a direct source to give limelight to any specific person or business.
Rocket Pool (RPL) Cumulative USD Inflows Chart
The USD Inflows accelerated last year, this indicates the increase in interest for the RPL token. Increasing inflows are usually a sign that investors could be preparing buy orders at current levels or from lower levels.
RPL (Rocket Pool) Cumulative Governance Chart
The governance highlights cumulatively that the number of total proposals, successful proposals & max votes are surging each month. This highlights that the number of users is surging and its quoted proposals are getting higher success rates in terms of successful proposals.
Rocket Pool (RPL) Total Value Locked Chart
It gives investors a measuring scale to detect risks. The total USD values of digital assets that are staked or locked on the Ethereum Blockchain network. The surge in TVL in RPL token over time reflects the changing dynamics of market participation; higher TVL makes the asset less riskier.
The Chart Between Market Cap, Token Volume, and Token Price
The token volume and market cap highlight the fluctuations in buying and selling RPL crypto. The increase and decrease in these metrics show variability in the token price. These metrics shape the major price action on the daily chart.
Can RPL Price Claim $42 Mark?
In terms of tweets, governance, TVL, Inflows, and Commits, this highlights that the crypto token asset has been working hard as a result major indicators show rising graphs.
The price structure on TradingView highlights the resemblance between MCAP, and Token volume graphs from Defilama. The current week’s price shows a bullish spike of around 10% from the $27 critical support level.
The RPL crypto looks like it is primed for a phenomenal rally, as it accumulates power to break the resistance level and zoom to new highs from the current base zone.
Therefore, a major goal for the token is to reach $42 and in between the primary resistance would be $33. However, if it slips past the support at $27, it could deteriorate heavily, until then its major outlook looks bullish.
Summary
As per the price structure of Rocket Pool, it seems to be in bullish mode. Looking deeper on Defilama, the Developer Commits have increased, more tweets are happening than before, USD Inflows have surged on a massive scale, Governance shows a high number of successful proposals so far, the TVL shows a significant surge in the last three months that makes it safer, and lastly, the price is following up and down of MCAP with token volume.
These changes in the fundamental indicators show that RPL is one of the promising tokens around and shows the possibility of reaching $42 in the long run.
Technical Levels
Support Levels: $27
Resistance Levels: $33
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
