Rocket Pool (RPL) Signals Price Recovery Amidst Bearish Trend, Buying Opportunity Ahead?

Among the top 15 coins measured by the Galaxy Score, a proprietary metric that gauges crypto performance based on community metrics from across the web, Rocket Pool ($RPL) has been making waves.

Rocket Pool has been showing impressive market performance. The price of Rocket Pool has been on a steady rise, reaching a 24-hour high of $31.14. The 24-hour change showed a positive trend with an increase of 6.90%. The lowest it went in the same period was $28.49.

The price has undergone a bearish breakout from its Channel Up pattern and has simultaneously plunged below the 200-day moving average at $38. Such movements typically signal a bearish reversal, indicating a shift to a downtrend.

However, as RPL’s price hovers around the $30 support mark and enters an oversold state (as indicated by an RSI below 30), there’s a high likelihood of seeing a resurgence of buyer interest. This could potentially halt the downtrend and initiate a near-term price recovery. Traders and investors are advised to set price alerts to closely monitor this scenario.

Source: altFINS

The current trend analysis paints a similar picture. Regardless of the time horizon—short-, medium-, or long-term—RPL is witnessing a consistent downtrend. While this may initially seem unfavorable, the fact that the asset is oversold near a strong support level often predicts a potential upward price correction.

Despite the bearish trend, there are indications that the momentum could be inflecting. The MACD Line lies below the MACD Signal Line, and the RSI is under 45, both verifying the ongoing bearish momentum. However, with the MACD Histogram bars showing a rise, it seems that the momentum could be bottoming out, indicating an upcoming upswing in the near future.

When it comes to support and resistance levels, the nearest Support Zone is pegged at $30, followed by a further support level at $15. These zones could be instrumental in sustaining the price and could see heightened buying activity. In contrast, the Resistance Zones are set at $45 (which acted as the previous support), $55, and $65. These levels are likely to be robust tests for any potential uptrend and could cause a price reversal.

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As of the latest data, the live Rocket Pool price is $31.65 with a 24-hour trading volume of $27,233,173. Rocket Pool is up 8.55% in the last 24 hours. The current CoinMarketCap ranking is #63, with a live market cap of $618,583,305. The market cap is also up by 7.5%. It has a circulating supply of 19,547,496 RPL coins. RPL also witnessed a 695% surge in 24-hour trading volume.

Source: Coinstats

In conclusion, while the prevailing trend and momentum for Rocket Pool (RPL) are bearish, there’s an emerging pattern of oversold conditions near a strong support level. This situation presents a potential opportunity for buyers. However, it’s crucial to tread carefully in these market conditions, employing stop-loss and take-profit levels to effectively manage risks. The momentum inflection and the clear Support and Resistance Zones may give way to engaging trading prospects in the forthcoming days.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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