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Rocket Pool (RPL) trades in a second straight bullish session on Tuesday, rising 8.45% in the last 24 hours to the current price above $42. The Rocket Pool price was 20% above its listing price of $35 on Crypto.com and appeared strong to scale higher levels.
What are the key areas to keep an eye on as RPL moves higher?
The Rochet Price Uptrend May Take It To $55
RPL has rallied an impressive 119% from the $20 support floor on January 1 to highs above $43 on February 6. Even though sellers tried to curtail the uptrend on two separate occasions, the bulls held their ground.
At the time of writing, the Rocket Pool price hovered around $42.13 with a bullish bias, 4% below the aforementioned swing high. A rise below the immediate resistance level at $40, provided by the 100% Fibonacci retracement level would clear the path for an extended uptrend.
If this happens, the price may rise first to the $50 psychological level, where the 123.6% retracement levels appeared to sit, and later to the 150% extension level at $55. This would bring the total gains to 31% and 180% year-to-date.
RPL/USD Daily Chart
Supporting this positive outlook for Rocket pool was the Moving Average Convergence Divergence (MACD) indicator which was seeking to abandon the recent bearish signal and had begun tipping upwards. This trend-following indicator was still moving above the zero line in the positive region. This suggested that the market still favored the upside.
Both the moving averages and the Relative Strength Index (RSI) indicators were moving upward. This suggested that the uptrend movement was strong as bulls regained control of the price. The price strength at 66 meant that there were more buyers than sellers who were determined to push the price higher.
Conversely, a drop below the immediate support level at $40, would clear the path for another correction. The first foothold would emerge from the 78.6% Fibonacci retracement level at $38.7, and then the 50% extension level at $32. Below that, the liquidity staking token may fall to tag the $30 psychological level, embraced by the 50-day Simple Moving Average (SMA), the 23.6% Fibonacci level at $25 and the $24 support floor, where the 100-day and 200-day SMAs converged.
In highly bearish cases, RPL may drop to the $20 support wall, undoing all the gains made in the run-up to $42. Such a move would completely invalidate the bullish thesis.
Alternatives To RPL
According to the technical analysis above Rocket Pool can only move higher if bulls hold the price above the $40 support level. However, there are other options to explore for those seeking an opportunity to multiply their returns.
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