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Recent Rocket pool price analysis shows an uptrend, as investors flock to the cryptocurrency, with the RPL/USD pair breaching the $35.17 support level and aiming for higher gains. The buying pressure has been strong, with the pair currently trading at $38.99 gaining more than +10.39% in the last 24 hours.
The RPL/USD pair has been ranging between $35.17 and $41.56, indicating an overall bullish trend in the crypto market. The RPL token has seen a significant increase in demand recently, as investors flock to the cryptocurrency for its impressive returns and strong project fundamentals.
Looking ahead, the Rocket pool price analysis shows a bullish outlook as the RPL/USD pair continues to trade above the $35.17 support level. And if the bullish sentiment persists, then the pair could potentially rally above $41.56, paving the way for further gains in the long run.
Rocket pool price chart, Source: Coin market capThe 24-trading volume of the Rocket pool has also seen a considerable increase, indicating an increased demand for the token. This is further supported by increasing trading activities on major exchanges, such as Binance and Bitcoin.
Currently the trading volume strands at $33,322,490 with a market capitalization of $407,287,060 which indicates that the buyers are still in control of the market.
The bearish pressure has been significantly reduced, after pushing the price to a low of $32.17 in the last week. However, the upside is far from certain, as investors will need to monitor the market closely for further developments.
The Rocket Pool has been rallying for the past seven days, with the RPL/USD pair gaining +23.20% in that period. With some bearish interruptions, the pair could potentially move toward the $42 level in the coming days, if buying pressure persists.
Looking at the technical indicators for RPL/USD, the RSI is currently close to the overbought zone at 79.58, indicating that the pair could be nearing a reversal. The relative strength index is also pointing towards a bullish trend, as the 50-day moving average (MA) is trending above the 200-day MA.
RPL/USD daily price chart, Source: TradingViewThe moving average indicator value, which is currently at 34.80, also shows a bullish momentum in the market. This is a positive sign for the pair as it suggests that buyers are in control and could push the price higher. The MACD has also crossed above 0.66, indicating that the pair could soon test the $41.56 resistance level in the near future. The signal line is also trending below the MACD line, adding strength to the bullish thesis in MACD.
To sum up, the Rocket pool price analysis suggests that the RPL/USD pair is likely to remain bullish in the coming periods, as long as buying pressure persists. The next target for bulls is the $42 level which could be achieved in a few days if the current bullish sentiment holds. The technical indicators are also pointing towards a bullish trend, adding credence to the current uptrend. Investors should continue to monitor the market closely for further developments and to assess the potential upside.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.