Yesterday was a great day for two popular cryptocurrencies. Binance and Coinbase exchanges both made announcements that positively affected the price of CRV and RPL coins. This investment news could potentially lead to an 80% increase in one of the coins. While the price of Bitcoin remains stable, daily traders continue to search for short-term opportunities.
Should You Buy Rocket Pool (RPL)?
Rocket Pool (RPL) experienced a breakthrough on August 9th, confirming the $25 horizontal range as a resistance level. However, it could not surpass an important diagonal resistance. The reaction to this resistance line will determine the future price trend. The price has remained below the declining resistance line since April 17th. The soon-to-be-broken resistance has been tested multiple times.
The recent price surge coincided with the news of Coinbase Ventures investing in the Rocket Pool platform and purchasing RPL tokens from the team. The platform currently controls approximately 3% of the Ethereum staking market and has around 780,000 ETH staked. Long-term ETH investors are earning profits through their accumulated holdings on liquid staking platforms while waiting for the next bull season. They can also trade using the wrapped tokens provided to them.
RPL Coin Price Prediction and Analysis
If the price successfully breaks the mentioned resistance levels, it could reach $52 with an 80% increase. However, closing below $25 could result in a 50% loss and a drop to the $14 range. Considering the recent 50% increase in the value of many altcoins during the dull market phase, speculative investors, along with the current setup, could rapidly drive up the price of RPL Coin.
The RSI reading on the 6-hour chart also supports the possibility of an upward breakout. The indicator has created a bullish divergence and crossed above 50. A bullish divergence occurs when an increase in momentum accompanies a price decrease, indicating that the previous decline was false.
On the other hand, a sharp drop in BTC price could benefit the bears waiting to short RPL Coin.
