Rocket Pool Price Prediction as RPL Breaks Below This Key Support Level – Here’s Why RPL Could Continue Struggling
RPL, the utility token that powers the decentralized Rocket Pool Ethereum liquid staking protocol, has been taking a beating on Thursday.
The token, which is used for staking alongside ETH within the Rocket Pool protocol to incentivize honest node operation, as well as for protocol governance, was last down around 7.5% in the last 24 hours, as per CoinGecko.
That makes RPL the worst performing cryptocurrency in the top 100 by market cap over that time period.
RPL’s slump on Thursday saw it break to the south of key resistance in the form of the March lows at $31.30, with RPL/USD last changing hands not far to the north of the $30 level.
If it also loses the key psychological $30 support, things could get bad for RPL, hence why price predictions are getting more and more bearish.
RPL is looking bad from a technical standpoint.
The cryptocurrency has not only broken below key March support, and is not only threatening a break below $30, but is also trading to the south of all of its major moving averages, with the 21-Day Moving Average (DMA) recently having acted as strong resistance on multiple occasions.
To make matters worse for RPL, a strong sell signal was also recently triggered when the 50DMA fell below the 200DMA last weekend – a so-called “death cross”.
There isn’t much by way of support until the $23-26 area.
Aside from its bearish technical outlook, RPL may continue struggling for fundamental reasons.
Firstly, though the protocol’s share of the staked ETH market has risen from just above 5% to now around 8% since 2023 begun, the pace of market share growth has slowed recently.
And some think it may start to reverse, given that Rocket Pool offers the lowest yield for ETH stakers of all of the major staking protocols, last
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