$RPL Rocket Pool trading today👇
Short-Term Volatility: RPL has experienced a 24-hour drop of 3.2%, with high trading volume (up 75%) and a Vol/Mkt Cap ratio of 5.79%. This indicates strong price action, potentially due to increased interest in either selling or buying. Consider short-term trades if the high volume continues, as price movement may remain volatile.
Support and Resistance Levels:
Support: The recent low of $8.56 could act as immediate support, where buyers might step in.
Resistance: The high of $9.19 might present some resistance. Breaks above or below these points can signal momentum in either direction.
Longer-Term Decline: Over the past year, RPL has declined by around 65%, with a steep drawdown from its all-time high. If sentiment remains bearish, you could consider a short position, particularly if it breaks the $8.56 support.
Market Cap/TVL Ratio: A low ratio (0.05925) suggests RPL is undervalued compared to its total value locked (TVL) of $3.09B. If you’re a long-term investor, this could indicate potential for growth, especially if Rocket Pool’s platform usage continues to expand.
Potential Accumulation: Given RPL’s high discount from its all-time high (-94%), some may view this as a potential entry point for long-term investment. You might consider accumulating gradually if you’re interested in Rocket Pool’s staking ecosystem.
Trading Strategy: For active trading, watch for breaks of key levels and monitor volume. For long-term positions, consider averaging in, as the current price is substantially discounted compared to historic highs.
