The Rocket Pool (RPL) market is continuing its bullish trend as buyers take lead. Over the past 24 hours, the token has surged 11 percent and is trading above the level of $48.00. The RPL price action has also experienced a good pullback from a resistance level of $50 that it had failed to breach in the previous days. This has been followed by an increase in buying pressure that propelled the price to the current level.

The current trend seems to be in a rise as the token is trading above its prior support level of $43.30 and if the bulls are able to break this level, it could be seen as a signal of further upsides in the market. A resistance is present at the level of $49.28 and if the buyers can break through and sustain this, further upside may be seen beyond the current $50 mark.

Furthermore, the daily trading volume for RPL has also jumped up significantly over the last 24 hours. This number stands at over $11 million, a huge increase from the number of tokens traded the day prior. This marks 94.28% growth and suggests a surge in the demand for this coin. Presently, the RPL coin sits in the 57th position on CoinMarketCap and its total market cap is around $925 million.

The hourly technical indicators support a bullish outlook in the near term. The 20-EMA has crossed above the 50-EMA, indicating a bull trend, while the MACD has just executed a bullish crossover. The MACD line has been animated above the signal line and its Histogram is now showing green bars indicating a bullish trend. The RSI is also giving a bullish sentiment of 69.22, making its way closer to the overbought range. The 50-day moving average (MA) has crossed over the 200-day MA, showing more evidence of a bullish sentiment in the long term. The moving average has reached its current level of $46.38.

In the end, the RPL market is currently on a bull run and the data points to their being a huge amount of buyers driving it forward. Technical indicators all point to good news and the daily trading volume is also higher than before. If the buyers can break the given resistance levels, further growth could be expected in the coming days.



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