Rocket Pool Token (RPL) Price Action and Market Analysis

Summary of Content

Rocket Pool Token (RPL) Price Action

Rocket Pool Token (RPL) dropped 7% at 4:55am EST on July 21, 2023, with a $590 million market cap. Currently trading at $30.82 at 10:45am EST, it recorded a trading volume of $10 million in the last 24 hours. The asset is up 74% in the past year but remains 51% below its all-time high.

Price Action History of Rocket Pool

Last week, RPL’s price plummeted by 20% to $29.98, marking a 17% decline in the asset’s market value over the past 14 days.
Chart analysis can provide insights into the market behavior.

Rocket Pool in Bearish Trend but Could Face Trend Reversal

The chart shows a clear bearish trend with the potential for a reversal.
The token currently trades below the 50-Day and 200-Day Simple Moving Average (SMA) and has an oversold Relative Strength Index (RSI) of 23.64.
The Moving Average Convergence Divergence (MACD) indicator is below the signal line with a red histogram bar.

Rocket Pool Support and Resistance Levels

Given the current market conditions, RPL’s price may drop to the $28.80 support level, and sustained selling pressure could cause further depreciation, potentially reaching the $22.00 support level.
Bulls pushing the price may target $33.61 resistance; further momentum could drive it to $36.86. Positive sentiment could follow the sustained upward movement.

Factors Likely to Influence RPL’s Market Behavior

On July 18, 2023, Rocket Pool started working on its protocol Smartnode to address challenging bugs, including a broken Docker with a bug that affects Grafana monitoring but not attestations.
Updates on the platform’s governance were shared, concluding the voting activity required for pDAO/oDAO governance proposals and the discussion on the Grant Management Committee (GTC) for grants, bounties, & retrospective awards.
Spool, a DAO governance community in the DeFi space, integrated Rocket Pool into its network, allowing for using rETH as a Smart Vault to unlock LSTs’ potential.

Will Burn Kenny ($KENNY) Reap Higher Rewards?

Burn Kenny ($KENNY) is a meme crypto project built on the Ethereum network that incorporates locked liquidity and token burning. The project’s idea was inspired by the South Park character, Mr. Kenny McCormick. The token is projected to be a swift and fiery game changer for investors.

$KENNY Presale

The $KENNY project launched its presale yesterday, July 20, 2023, and has raised more than $380 thousand so far at a selling price of $0.0001875. The token is expected to reach $500 during the presale before the Initial Coin Offering (ICO) session ends.

How to Purchase $KENNY

If you do not have a dApp crypto wallet, visit your app store to install one.
Visit the project’s official website.
Explore the website to locate the presale section.
You can use ETH to buy $KENNY units.
Type in the amount of ETH you wish to spend.
Note that you should have an additional 0.015 ETH to pay for the Ethereum gas fee.
Click on the button “Buy Now” to connect your wallet.
It will take you to your wallet. Follow the guides carefully to approve your connection.
When it requires your confirmation, click on the confirm button to proceed.
The transaction should be a success at this point.

Hot Take:

The Rocket Pool Token (RPL) is currently facing a bearish trend but there is a potential for a trend reversal. The support and resistance levels indicate possible price movements, and recent developments in the Rocket Pool ecosystem could influence investor decisions. On the other hand, Burn Kenny ($KENNY) is a meme crypto project that has launched its presale with high expectations. Investors can purchase $KENNY using ETH during the presale. Overall, both tokens present different opportunities for crypto readers to consider.