Rocket Pool (RPL) Price Breaks Short-Term Range, How High Can It Rise?
The Rocket Pool (RPL) price has reclaimed a key level and broken out above the short-term range. It is expected to continue rising in the near future.
The Rocket Pool (RPL) price has risen significantly since bouncing from the $17 support zone in early October 2023 (green arrow). During this upward move, the price broke above the $26 resistance zone in the week of November 6 to 12. This is an important development as the RPL price increased by 142.66% in the previous breakout.
Following the breakout, the RPL price has consolidated above the $26 zone for 8 weeks and is currently forming a large bullish candle. This indicates that the bulls have gained control, and a strong rally may follow.
The weekly RSI (Relative Strength Index) supports this possibility as it broke above the 50 level and is sloping upwards.
Therefore, the RPL price could rise to the next crucial resistance zone at $52, which is 35.76% higher than the current price.
The daily chart shows that the RPL price has been trading within the range of $26 to $33.5 since early November 2023. Yesterday, the price broke above this range with a large bullish candle, confirming the validity of the breakout. Since the pattern has existed for 61 days, the post-breakout movement could be strong.
The daily RSI has surpassed the 70 level and is sloping upwards, indicating that the bulls have complete control of the market.
Therefore, the RPL price could rise to the nearest horizontal resistance at $42.5 in the coming days.
The most likely scenario suggests that the RPL price will continue to rise in the near future. The immediate target is $42.5, with further potential to reach $52.
This bullish outlook would be invalidated if the ETH price falls back within the range of $26 to $33.5 on the daily timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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