Higher High Structure Formed by RPL; What to Expect Ahead?

• The derivative trading volume of the RPL crypto has witnessed a huge decline.
• In the last 24 hours, the price of the Rocket Pool crypto has declined by more than 3%.

RocketPool (RPL) is a decentralized Ethereum staking pool that offers high returns and low fees. It uses smart nodes that report their status and load every 15 minutes. RPL is the native token that is used for staking, rewards, and governance. RocketPool also provides an API for businesses.

The derivatives trading volume of the crypto has declined by 42% in the last 24 hours, along with a decline of 33% in the trading volume. This has resulted in a volume of $5.156 Million and ranking 406th, as per CoinMarketCap. 

The market cap of the crypto has also declined by 3.3% resulting in $600.89 Million. Moreover, the current circulating supply of the crypto is 19.916 Million RPL and it has  a fully diluted market cap of $599.141 Million.

The open interest of the crypto has also declined by 6.83%, resulting in $975.09K. This has resulted in a long/short ratio of  0.8312, resulting in a long liquidation of $655.95.

RPL Blockchain Data

As per DefiLlama, Rocket Pool has witnessed a huge increase in recent times. However, the trading volume of the crypto is flat, resulting in a constant market cap. The current TVL of the RPL crypto is $2.732 Billion.

RPL Crypto Technical Analysis

The RPL crypto price has increased by more than 51% in the last year. This shows that the price is following a strong uptrend and witnessing buying pressure. It has also broken above the crucial dynamic resistance trendline.

RPL/USD Chart by TradingView

At the time of writing, the Rolling VWAP is trading below the trading price of RPL =. This behavior shows bullish sentiment in the price and therefore, the price might continue to rise to higher levels. 

The RSI is signaling a bullish trend, hitting the overbought zones and traveling to the level of 55.88. The RSI is currently taking support at the 14-day SMA line. 

On the daily chart, the RPL price also is forming a higher high pattern and has broken above the previous swing highs. Most recently, the price has been facing resistance at the level of $37.00.

Conclusion

Despite a recent decline in the Rocket Pool (RPL) crypto’s price and derivatives trading volume, technical analysis reveals a robust uptrend. The RPL price is up over 51% in the past year, and has broken crucial resistance levels, indicating strong bullish momentum. With the RSI in bullish territory and the price forming higher highs, the outlook suggests potential for further gains.

Technical Levels: 

• Support levels: $16.60 and $25.80
• Resistance levels: $3.300 and $4.5700

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.