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Rocket Pool price rally resumed immediately after the United States Federal Reserve disinflationary statements on Wednesday. The Federal Open Market Committee (FOMC) meeting earlier in the week hiked interest rates by the expected 25 basis points. Investors interpreted the decision as a green light for economic recovery amid declining inflation.
RPL climbed above the psychological $40.00 level, with the candle wick tagging highs of $43.77. The Ethereum liquid staking token holds at $41.74 at the time of writing as bulls plot how to stage another spike beyond $50.00. Note that a break and hold above this near-term hurdle could catalyze the second phase of the rally to $100.00.
3 Key Rocket Pool Governance Proposals Are Live
The Rocket Pool team has announced three important governance proposals starting with a self-limiting framework. The other two will touch on the need to optimize protocol settings for the Atlas upgrade and selected housekeeping changes for the Grants Management Committee (GMC).
Voting is already ongoing with the proposed change in protocol settings for Atlas gathering a 130% quorum. The vote will specify how settings will be modified in response to Atlas and the upcoming withdrawals fork.
According to the Rocket Pool development team, the settings will be changed to cater to various elements like allowing pent-up demand to build up in the deposit pool, amid the expectation of a larger supply. It will also keep the maximum (APR) drag in mind.
In anticipation of the Ethereum Shanghai upgrade, the protocol changes will allow easier motion of ETH from the rETH contract to the deposit pool. This is important because it will accelerate the process of paring the supply side, thus minimizing unproductive protocol ETH.
Details on the other two proposals can be found via the tweet below. However, it is worth mentioning that vote closes in about a week. Node operators have been called upon to put their effective RPL voting power to work before time elapses.
Can the Ethereum Shanghai Upgrade Blast Rocket Pool Beyond $100?
Investors are waiting with bated breath for the launch of the Ethereum Shanghai upgrade within Q1 2023. Following its successful rollout, stakers will, for the first time, gain access to ETH locked in the Beacon Chain before the transition to the proof-of-stake (PoS) consensus mechanism.
Analysts and experts in the crypto industry foresee this event to be a catalyst for liquid staking platforms like Rocket Pool and LidoDAO. Investors are likely to direct their Ethereum from the Beacon Chain smart contract to such platforms that allow them to lock up funds and still have access to their liquidity.
In so doing, the popularity of Rocket Poll and LidoDAO among other liquid staking platforms is expected to grow astronomically. Rocket Pool has announced a new rETH integration, allowing investors to earn interest on rETH deposits or borrow ETH and XAI against it as collateral via a platform called Silo Finance.
Rocket Pool Price Prepares for Another Upswing To $100
Rocket Pool price holds above a newly established support at $40.00. A daily close above this level would increase investor confidence in the uptrend that has persisted since November last year. Moreover, the ongoing governance proposals require community members to have RPL tokens to participate in the voting process.
With demand for RPL rising, a bullish break out—one above $50.00 would clear the path for the second phase of the recovery aiming for $10.00.
Meanwhile, the bullish outlook in Rocket Pool price has been supported by a golden cross pattern presented in early January. Many cryptocurrencies launch into bull markets with the 50-day Exponential Moving Average (EMA) (in red) lifting above the 200-day EMA (in purple).
The Moving Average Convergence Divergence (MACD) indicator has reconfirmed a buy signal on the same daily time frame chart. Notice the MACD line, although in the positive region above the mean line (0.00), is regaining the ground on top of the signal line in red. If this position holds in the coming sessions, possibly days, Rocket Pool price would quickly move to close the gap toward $50.00.
Another buy signal from the SuperTrend indicator reveals that Rocket Pool price is better positioned to climb the ladder, at least above $50.00, as opposed to dropping to retest support provided by the 50-day EMA at $30.00.
Like a moving average, the SuperTrend overlays the chart, but it integrates the average true range (ATR) in gauging market volatility. Investors are compelled to buy when the indicator flips below the price and changes color to green. As long as the SuperTrend is trailing RPL, the price will have the necessary momentum to hold above $40.00 and even stretch the leg above $50.00.
Rocket Pool Alternatives to Buy Today
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