The Rocket Pool (RPL) price bounced on August 9, validating the $25 horizontal area as resistance. Despite the bounce, it failed to break out from a crucial diagonal resistance.
The reaction to this resistance line will determine if the future price trend is bullish or bearish.
Rocket Pool Bounce Insufficient to Clear Resistance
The RPL price has fallen under a descending resistance line since April 17. The resistance line has been validated numerous times so far (red icons). The line was touched as recently as today.
While following this line, RPL fell to a low of $24.46. The ensuing bounce (green icon) supported the $25 area. The $25 area is crucial since it had previously provided resistance. After the breakout, the area is expected to provide support.
The bounce coincided with news that Coinbase Ventures has invested in the Rocket Pool platform, purchasing RPL tokens from the team. The platform currently controls roughly…
