Rocket Pool (RPL) Price Breaks Out From Downtrend After Binance Announces Futures Listing

Rocket Pool (RPL) has performed relatively poorly in 2024, declining by over 60%. On Sept. 7, the price risked a breakdown from a nearly three-year

After a lengthy period of underperformance in 2024, with a price decline of over 60%, Rocket Pool (RPL) seemed destined for another dismal year.

However, on Sept. 7, the price risked a breakdown from a nearly three-year horizontal support area but bounced once it reached it. Two days later, the price increased sharply after Binance announced the listing of RPL futures.

Is this the catalyst that RPL desperately needs to end its downtrend, or will the rally be unsuccessful, adding to the other failed recoveries this year? Let's analyze the price action and technical indicators to determine the possible direction of RPL.

Binance Announces Rocket Pool Futures

According to an announcement on Sept. 9, Binance has listed RPL/USDT perpetual futures with up to 75x leverage and a capped funding rate between -2% and 2%. Notably, Rocket Pool is a liquid staking solution on the Ethereum blockchain that competes with Lido DAO.

It is crucial to highlight that Binance not only added a new pair but also listed RPL futures for the first time. There are no other pairs available besides the recently added RPL/USDT pair.

Following the announcement, the RPL price surged by 40%, moving from $9.66 to $13.26 in an hour. Though RPL has cooled down since then, it still trades over 20% higher than its pre-listing price.

Analyzing RPL's Lengthy Correction on the Weekly Chart

On the weekly chart, we can observe that the Rocket Pool token has been declining under a descending resistance trend line for the past 518 days. Specifically, the decline is contained within a descending resistance trend line that spans from the all-time high of $63.80 in April.

This downward movement could be interpreted as a completed A-B-C correction, where waves A:C had a 1:0.618 ratio, which is often seen in these types of corrections. If this count is valid, then the correction ended in August with a bounce at the long-term $9.50 horizontal support zone. This marks a significant level below which RPL has not traded in over two years.

However, the weekly indicators do not fully support this scenario. Both the RSI and MACD are both bearish, sloping down and below their bullish thresholds. Additionally, the Relative Strength Index (RSI) shows a minimal bullish divergence, while the MACD has yet to generate a bullish cross.

Hence, the weekly time frame does not provide a clear confirmation for a breakout.

Le prix RPL éclate sur le graphique quotidien

En passant au délai quotidien, nous pouvons voir que le prix du RPL semble être sorti d'une tendance en coin descendant. La forme du motif s'aligne sur le décompte à long terme, suggérant que l'onde C s'est développée en une diagonale finale.

Contrairement au calendrier hebdomadaire, le RSI et le MACD quotidiens présentent tous deux des divergences haussières (marquées en vert), augmentant la possibilité d'une nouvelle augmentation des prix.

Si cela continue, la zone de résistance la plus proche est à 22,10 $, créée par le niveau de résistance de retracement de Fibonacci de 0,5. Cet objectif pourrait également confirmer une cassure de la ligne de tendance à long terme, en fonction de la clôture hebdomadaire.

Conclusion : le prix du RPL est sur le point d'augmenter encore

Le prix du RPL a fortement augmenté suite à l'annonce par Binance de coter ses futures sur sa plateforme. Ce rebond s'est produit au niveau d'une zone de support horizontale critique et pourrait potentiellement marquer la fin d'une longue correction.

La cassure de la configuration en biseau à court terme soutient également ces perspectives. Le prix est maintenant prêt pour une nouvelle hausse, la prochaine zone de résistance se situant autour de 22,10 $.

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