Rocket Pool to Skyrocket: RPL Could Double as ETH 2.0 Staking Soars

Join Our Telegram channel to stay up to date on breaking news coverage

Despite being one of the top losers on the crypto market, dropping from highs of $59 in April to $22.09 on September 2, 2023, Rocket Pool (RPL) is set to rise again.

At 4:07 a.m. EST on September 4, Rocket Pool is trading at $24.96, recording a significant increase of 15% in the last 24 hours. Its trading volume is up by over 430% within the same time frame, suggesting a high presence of buyers in the market.

Speculation points towards the notable increases in ETH 2.0 staking as a factor fueling Rocket Pool RPL’s recent price movement, with possible short-term bullish momentum.

Rocket Pool RPL’s General Market Outlook

The price action of Rocket Pool in the last 7 and 14 days recorded increases of 9% and 0.3%, respectively. This shows that the asset is recovering from its fall and is gradually progressing to higher values.

However, the last 30 days of RPL’s overview still record a decrease of 11.1%, showing the traces of its previous downtrend. Rocket Pool is also 60% down from its all-time high in April at $61.90, which is a long way to go considering current data.

Although fluctuations had been ongoing for months, the market sentiments of August 17 further pushed the decline until RPL’s price fell to $22.07 on September 2. On 3 September, the asset closed trades at a lower price of $21.99, forcing questions about what developments fuel today’s rally.

Rocket Pool RPL Bulls Aiming for Rally on Daily Chart

The chart shows that Rocket Pool RPL is trading below the 50-day and 100-day Simple Moving Average (SMA), indicating a short and long-term bearish price movement for the asset.

Also, the 50-day SMA is acting as a resistance to the price of Rocket Pool RPL. A price flip above this level could propel a short bullish rally for the asset.

The Moving Average Convergence Divergence (MACD) trades above the signal line with green histogram bars, suggesting bullish price momentum for RPL.

Additionally, the Relative Strength Index (RSI) of 49.15 indicates that the market is relatively neutral and hasn’t reached the overbought zone yet. Combining the following technical indicators means possible short-term bullish price momentum for Rocket Pool RPL.

However, traders and investors should consider other tools. They shouldn’t rely solely on these indicators since the crypto market is prone to high price volatility and frequent fluctuations.

Key Levels Show Possible Resistance Retest

The chart illustrates that Rocket Pool RPL is trading slightly above its support level of $23, and the asset’s price is beginning to show bullish price momentum.

An impulsive move from this support level could propel the asset’s price to retest its previous support level of $39, indicating about a 60% ROI for traders who buy at this point.

RPL could face strong resistance at the $39 price mark, leading to a temporary decline. But with the favorable price sentiment surrounding RPL, investors and traders are optimistic about a bullish price trajectory for the asset in the coming weeks.

ETH 2.0 Progressive Staking Responsible for Bullish Price Trajectory?

Rocket Pool is a decentralized protocol designed to make Ethereum staking accessible to everyone. The protocol enables individuals to stake ETH through a decentralized network of node operators, regardless of their technical knowledge or financial resources.

This approach holds particular significance in the current staking landscape, where many potential stakers are discouraged by the complexities of node operation. Also, it eliminates the substantial financial requirement of owning 32 ETH for independent staking.

Rocket Pool’s architecture caters to individual stakers and extends its advantages to larger entities, especially those in the staking as a Service (SaaS) sector.

These service providers, who play a pivotal role in connecting traditional finance with the emerging Web3 ecosystem, can utilize Rocket Pool to augment their returns. By staking through Rocket Pool, they can earn rewards in ETH and the protocol’s native RPL token.

Significantly, as Ethereum continues to establish itself as a dominant force in the blockchain industry, tokens such as rETH are poised to play a vital role.

rETH is the RPL’s representative token of staked ETH and could even act as a bridge connecting staked assets with the broader DeFi (Decentralized Finance) ecosystem.

With this, the bond between Rocket Pool RPL and ETH as partners keeps growing, and with every move Ethereum makes, effects could show on Rocket Pool RPL’s price.

Introducing @Rocket_Pool as a proud sponsor of #EthereumSingapore2023! 🚀

We’re bringing together developers, builders, and creators on one platform, demonstrating what the Ethereum ecosystem can do.

What are you waiting for?

Join us now ➡️ https://t.co/Cf1gVSmtSL pic.twitter.com/9boaOwAS0h

— Ethereum Singapore (@ethereum_sg) August 10, 2023

Notably, through rETH, stakers can simultaneously reap the rewards of staking while gaining access to the diverse array of opportunities DeFi offers. These rewards may be why investors move in numbers to secure stakes in Rocket Pool.

Hence, the token’s trading volume keeps increasing, pushing demand and raising its price.

Coinbase’s Investment May Have Bolstered Investor Interest

On August 10th, Coinbase Ventures, the investment division of Coinbase, made a strategic investment in Rocket Pool by acquiring Rocket Pool RPL tokens.

This investment by Coinbase Ventures aligns with its overarching strategy. The strategy is particularly relevant in light of recent initiatives such as the launch of Base, an Ethereum Layer 2 blockchain incubated by Coinbase and built on the open-source OP Stack.

The collaboration with Rocket Pool was a significant move toward strengthening Ethereum’s infrastructure in a decentralized manner, which is crucial for attracting a more extensive user base to the blockchain.

Moreover, this partnership goes beyond simply providing capital. Coinbase Ventures has committed to actively participating in Rocket Pool’s Oracle DAO.

Additionally, CoinBase has allocated ETH from its corporate reserves to operate nodes within the Rocket Pool network, collaborating with entities like Unit 410.

Notably, the unit is a team renowned for its security, infrastructure, and cryptocurrency engineering expertise.

After the partnership announcement, the price of Rocket Pool RPL progressively surged by over 9%. Notably, despite the fluctuations that may have occurred, the recovery process for Rocket Pool shows that investors still have faith in the project.

But while RPL continues to surge in price, investors who want to build their portfolios at affordable prices should consider the popular meme coin on presale, WSM.

Wall Street Memes has recently launched its staking platform for investors seeking stable rewards in the short term.

This is to aid early investors who want to accumulate their tokens while waiting for the days left to multiple tier-one exchange listings.

Wall Street Memes Drives FOMO Among Investors After Completing $25 Million Hard Cap

Over the past few months, Wall Street Memes has emerged as a prominent cryptocurrency, nurturing one of the largest and most active communities with an impressive one-million-strong following.

It sustains its ecosystem through its native token, WSM, which savvy investors and enthusiasts can acquire during its presale. Wall Street Memes have been purposefully crafted to bloom at the expense of traditional financial markets. Since commencing its presale in May, WSM has achieved notable success.

It harnesses memes’ immense community engagement potential to bring a fresh perspective to cryptocurrency investments, thereby leveling the financial playing field for a wider audience.

The narrative surrounding Wall Street Memes and their presale timing during the meme season has generated substantial investor interest. This is evident from the impressive $25 million raised during the presale phase.

As the presale continues its extended final stage, WSM enthusiasts speculate that the token may emerge as the next big crypto thing. There is also the possibility of early participants accruing substantial gains through explosive price surges after launch.

Wall Street Memes Continue Presale Extension

So far, there are only 22 days remaining until WSM debuts on multiple tier-1 cryptocurrency exchanges. The listing on these exchanges is expected to propel the token’s price to new heights, driven by extensive market exposure and heightened demand.

As of the current presale stage, WSM tokens are trading at $0.0337. The meme coin harnesses the power of the internet to increase its overall valuation, with several top influencers dropping reviews on the token’s performance and credibility.

Meanwhile, Wall Street Memes extends its reach beyond the meme narrative. It has introduced a staking protocol that enables WSM holders to earn annual yields by locking their tokens in the staking pool. This utility feature can reduce short-term token sell-offs, ensuring greater scarcity and price stability.

In the latest pool update, the project has over 279 million staked WSM tokens, with an APY of 73%. This progress welcomes more investors to join, as staked rewards will double after launch, and early investors can withdraw handsomely.

Potential investors can connect their wallets to the presale section of the WSM official website and purchase tokens using ETH, USDT, or a bank credit/debit card.