Rocketpool, a notable liquid staking protocol, has recently been a topic of discussion in the cryptocurrency community, especially after it started trending on LunarCrush. The protocol’s market performance has shown some significant shifts that traders and investors should be aware of.
Price Patterns and Trends
Rocketpool’s price exhibited a bearish breakout from its Channel Up pattern, according to a recent technical analysis from altFINS. This shift was further emphasized when the price fell below its 200-day moving average, which was pegged at $38. Such a move is typically seen as bearish and indicates a potential reversal to a downtrend. Currently, the price is navigating within a Channel Down pattern, and market enthusiasts are keenly observing for any breakout.
For those unfamiliar with the Channel Down pattern, it’s a scenario where the price is expected to remain within its channel trendlines. Traders often initiate trades based on the fluctuations within these trendlines. However, when there’s a complete pattern, which means a breakout, trades are usually initiated when the price breaks through the channel’s trendlines. This could be on the upper or lower side. Once this occurs, the price can move swiftly in the direction of the breakout.
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Show more +The overall trend for Rocketpool is a downtrend across all time horizons, be it short, medium, or long-term. When it comes to momentum, the scenario seems mixed. The MACD Line is positioned above the MACD Signal Line, which is typically seen as a bullish sign. However, the RSI is less than 45, indicating a bearish momentum. Additionally, the declining MACD Histogram bars suggest that the momentum might be weakening.
For traders and investors looking at support and resistance zones, the nearest support zone for Rocketpool is at $25, followed by $19. On the flip side, the resistance zones to watch out for are $30, which was a previous support, and then $45 and $55. Rocket Pool is currently trading at a price of $26.89 with a 3.13% spike in value over the last 24 hours.
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