Rocket Pool (RPL) Token is one of the most promising cryptocurrencies in the market having seen a steady upward movement. It recently underwent a bullish breakout creating an ascending triangle pattern. The token is currently trading at $52.23 with a trading volume of more than $16 million, recording a 6.99% increase in price. Moreover, the daily chart shows the token hovering above its 12-day and 26-day Exponential Moving Averages (EMA), indicating a strong bull trend. Additionally, the Relative Strength Index (RSI) hangs at 66.71 which indicates neither overbought nor oversold condition of the token.

MACD, a momentum indicator, is above the signal line and the histogram is increasing in height which signals further bullish momentum. Also, the Average Directional Index (ADI) pertinently presented a reading of 38.89 recognizing a resilient uptrend. As per the 4-hour chart, RPL broke a key resistance of $50 coming up with an optimistic flag pattern. However, it could not break the 21-day EMA resistance and henceforth toned down the force. Meanwhile, the RSI here jumps above the 50-level implying further rally in the short run.

On the flip side, if Rocket Pool token fails to make a break above the EMA, it could fall back to retest the support at $45. Imminent supports in this regard appear in the shape of 20-day Simple Moving Average (SMA) and the 50-day SMA, which both have proven themselves reliable recently.

Large transactions involving RPL worth more than $100,000 have allot been viewed as indicators for market tops and bottoms. The statistics shows that in 70 cases, such big transfers preceded the local price peak and successively dumps. This emphasizes the volatility of the cryptocurrency, making it fragile to large volumes and whale activity. Thus, tracking on-chain data and whale transfers is suggested to pay more heed towards understanding the actual trends of Rocket Pool price and also potential reversals.



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