The RPL token from Rocket Pool saw its recent breakout attempt fail, signaling that the downtrend has resumed according to a report from altFINS. RPL had tried to break out of a Channel Down pattern but the breakout was not sustained as price dropped back below the prior swing low.
This failed breakout confirms that RPL remains in a downtrend across short, medium and long timeframes according to altFINS. The token has strong resistance around the $25 level which was prior support and has yet to break above that on the new down leg.
Source: altFINS – Start using it today
Momentum indicators are showing mixed signals at the moment. The MACD line is above the signal line which is bullish, but RSI is neutral around 50. This indicates neither bulls nor bears have full control.
Near term support for RPL sits around $19 while resistance is at $25, $30 and $45 based on altFINS analysis. RPL is currently trading around $20 after a 6% gain over the past 24 hours.
Notably, RPL hit all-time highs both during the 2021 bull market near $59 and again in 2023 around the same level. This makes it one of the few cryptocurrencies to post new highs during both market cycles.
Traders will be watching to see if RPL can bounce from support levels or if the downtrend will lead to a retest of lows. The failed breakout does not bode well for the token in the near term but the bullish momentum indicators suggest there could be a battle between buyers and sellers ahead.
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