- The Rocket Pool (NASDAQ:POOL) price analysis shows strong bullish pressure in the last 24 hours.
- The token has gained 11% and is now trading at around the $48.31 mark.
- Moreover, the Rocket Pool token has strong support at the $43.30 level.
The Rocket Pool (RPL) price analysis shows an uptrend in the RPL market today with a strong bullish move. The token has surged by 11 percent in the last 24 hours and is currently trading above the $48.00 level. The RPL price action shows a good pullback from a resistance level of $50, which it had failed to breach over the past few days. This retracement was followed by strong buying pressure that pushed the token up to $48.31 at the time of writing.
RPL/USD daily price chart: Coin Market Cap
The RPL market has an overall uptrend as the token is currently trading above its prior support level of $43.30 which was the current level for the bearish correction, and if the bulls are able to break this level, then it could be a sign of further upside in the market. The Resistance is present at $49.28, and if the bulls are able to break these levels, then we could see further upside above $50.
The daily trading volume for RPL has also seen an increase over the past 24 hours, with over $11 million worth of tokens traded. This amount is 94.28% higher than that of the previous day and indicates a surge in demand for the token. The RPL coin is currently in the 57th position on CoinMarketCap and has a total market cap of $925 million.
The hourly technical indicators for the RPL market show a bullish sentiment in the near term. The 20-EMA crosses above the 50-EMA, indicating a bullish trend, and the MACD has just made a bullish crossover. The MACD line has crossed above the signal line and is showing a continuing uptrend, Additionally, the Histogram is showing a bullish trend as the bars have turned green.
RPL/USD 4-hour chart: TradingView
The Relative strength index (RSI) is also showing a strong bullish sentiment at 69.22, moving towards the overbought zone. The 50-day moving average (MA) is also showing a bullish sentiment as it has crossed above the 200-day MA. This indicates that the long-term trend is also bullish in nature. Currently, the moving average is currently at the $46.38 level.
Overall, the RPL market is looking bullish with a good amount of buying pressure in play as the token pushes towards higher levels. The technical indicators have all turned bullish and the daily trading volume has also seen an increase indicating strong demand for the token. If bulls can break the current resistance levels then further upside could be expected.
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