Since the wider cryptocurrency market is growing, other altcoins like Rocket Pool have been flourishing in green candles. This has made both old and new investors happy as they’re now gaining from the market.
Surprisingly, even the SEC, which has been the worst nightmare for the industry, has now backpedaled slightly. If this current momentum continues, the price of Rocket Pool could grow significantly, reaching over the $40 mark.
Rocket Pool Price Movement
Based on the chart, Rocket Pool is forming a new upward trend. This is evident in the chart, showing higher highs and higher lows. On October 15, there was an interesting price movement in the market.
The coin tried to breach the SMA indicators, which were serving as a resistance level for the market.
The coin hovered around the SMA for almost eight days. Fortunately, on October 23, the bull increased its buying pressure, breaking the resistance. Since then, Rocket Pool has been on an uptrend.
Notably, this pump is likely attributed to the BTC surge and some development within the ecosystem.
According to CoinGecko, Rocket Pool has remained bullish in the last 30 days. Also, both in the 7- and 14-day timeframes, the coin is bullish, increasing by 42% and 33%, respectively.
Furthermore, over the previous 24 hours, Rocket Pool has gained 22% in its price. Surprisingly, even now, the coin is still showing a positive market outlook.
This could mean that more buyers are entering the market. Looking at how the coin is performing, there’s potential for it to reach $40. Not too fast. Let’s consider the technical chart to see the next possible price direction.
RPL Price Analysis: Technical Indicators Signal Bullish, Will the Buyers Sustain it?
As mentioned before, RPL/USDT is forming a new price trend. This is a good sign for any crypto asset in the market and will increase investor’s confidence. Once their confidence is back, they might want to put in more money.
Of course, more money will increase the demand for the token, potentially the price.
Furthermore, the technical indicators indicate intense bullish pressure on the market. This implies that buyers have outweighed the sellers’ force.
As depicted on the chart, the coin is above the Simple Moving Average indicators. This means that Rocket Pool is exhibiting uptrend movement. Also, the Relative Strength Index is consolidating around 80, showing the aggressive power of the buyers.
Generally, if the pressure continues like this, RPLUSDT may break the $33 resistance level faster and possibly reach the $40 mark. Notably, the potential catalyst that will cause this price increase is likely the BTC EFT approval.
What’s Causing the Excitement in Rocket Pool Ecosystem?
On November 8, which was Rocket Pool’s 2nd mainnet birthday, the developers released mind-blowing updates. Since then, the community has been left with joy, causing the trading volume to increase by about 677%.
One interesting thing in the publicized document is the upgrade of Houston. According to the document, this program will initiate a cutting-edge on-chain DAO system. This system will help govern the protocol called pDAO.
Today is our 2nd mainnet birthday 🙂 So we’ve decided to release a whopper of a Medium article detailing our growth and next big upgrade called Houston. We’ve also included some road map sneak peeks if that’s not enough for you – https://t.co/y6zedKFHG7
— Rocket Pool (@Rocket_Pool) November 9, 2023
This system is the first of its kind. The Huston upgrade doesn’t need any third-party tools or snapshot voting to work perfectly. Further, this upgrade will bring new, exciting features to the ecosystem. It will let developers add or build more things on the protocol.
Individuals can now stake ETH not just from the node but also on its behalf. Plus, there’s a new feature where the node operator can put in ETH for staking, and someone else can safely provide the RPL for the insurance bond.
Generally, this Houston upgrade displays how committed the Rocket Pool team is toward the project.
Given that, the demand for the native asset will increase since it will be the transactional currency in the platform. Also, many investors might see it as a strong contender in the market and, of course, invest for huge returns. Based on this, it’s likely that the coin is poised for growth.
But remember that the crypto market doesn’t always go as planned. Therefore, traders/investors should apply proper risk management strategies before investing.
While RPL is going smoothly today,
