Rocket Pool (RPL) pulled back after a correction.
RPL price faced rejection near the resistance zone of $35.
Rocket Pool (RPL) RPL token price rebounded from the demand zone of $17 and retested the neckline of $35. However, buyers failed to extend the pullback and faced rejection. Thereafter, the RPL token fell to the 20-day EMA mark and broke down from the channel’s lower trendline.
Furthermore, the technical data of RPL shows that buyers are losing momentum. Additionally, buyers started unwinding their positions and a lower high formation displayed a fake rebound on the charts. Despite the buyers’ efforts, the bears played well and tightened their grip resulting in a throwback.
The price of RPL token at press time was $26.81 with an intraday drop of 5.81% showing retracement in the last trading sessions. Moreover, the trading volume increased by 0.87% to $5.40 Million and the pair of RPL/BTC is at 0.000751 BTC. However, the market cap of RPL is $517.05 Million. Analysts gave a neutral rating and suggested volatility may continue in the upcoming sessions.
Daily Charts Displayed Rejection Near $35
On the daily chart, the RPL token witnessed a rebound from the support mark of $17 and formed a rising channel that met the resistance zone of $35 close to the neutral trajectory. Afterwards, buyers tried their best to surpass but failed and dropped to the 50-day EMA mark.
The RSI curve stayed close to the midline and formed a positive divergence suggesting that RPL may scratch the hurdle of $35 soon.The MACD indicator showed a bearish crossover and formed red bars on the histogram showing a fake pullback on the charts.
RPL on Weekly Charts Shows Rebound
On the weekly chart, the RPL token bounced, surpassing the 20-day EMA mark. Now, the bears engulfed more than 50% of the previous bullish candle exhibiting the reversal from the $35 mark. However, the correction has ended and a hammer candlestick was witnessed on the bottom zone of $17.
RPL token failed to extend the gains beyond the 50% Fibonacci retracement zone and re-entered the bearish trajectory indicating bears’ grip near the supply zone of $35.
Rocket Pool (RPL token) revealed a pullback from the demand zone of $17 and met the supply zone of $35 highlighting buyers’ accumulation on the charts. Afterwards, bulls overpowered the bears striking RPL token down to the 20-day EMA mark.
Support Levels: $25 and $22
Resistance Levels: $28 and $30
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