{"id":38409,"date":"2023-07-20T20:29:05","date_gmt":"2023-07-21T00:29:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/rocket-pool-price-prediction-as-rpl-breaks-below-this-key-support-level-heres-why-rpl-could-continue-struggling\/"},"modified":"2023-07-20T20:29:07","modified_gmt":"2023-07-21T00:29:07","slug":"rocket-pool-price-prediction-as-rpl-breaks-below-this-key-support-level-heres-why-rpl-could-continue-struggling","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38409","title":{"rendered":"Rocket Pool Price Prediction as RPL Breaks Below This Key Support Level \u2013 Here\u2019s Why RPL Could Continue Struggling"},"content":{"rendered":"
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RPL, the utility token that powers the decentralized Rocket Pool Ethereum liquid staking protocol, has been taking a beating on Thursday.<\/p>\n

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.<\/p>\n

That makes RPL the worst performing cryptocurrency in the top 100 by market cap over that time period.<\/p>\n

RPL\u2019s 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.<\/p>\n

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.<\/p>\n

Price Prediction \u2013 Where Next for Rocket Pool (RPL)?<\/strong><\/h2>\n

RPL is looking bad from a technical standpoint.<\/p>\n

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.<\/p>\n

To make matters worse for RPL, a strong sell signal was also recently triggered when the 50DMA fell below the 200DMA last weekend \u2013 a so-called \u201cdeath cross\u201d.<\/p>\n

There isn\u2019t much by way of support until the $23-26 area.<\/p>\n

Here\u2019s Why RPL Might Continue Struggling<\/strong><\/h2>\n

Aside from its bearish technical outlook, RPL may continue struggling for fundamental reasons.<\/p>\n

Firstly, though the protocol\u2019s 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.<\/p>\n

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 around 3.3% as per DeFi Llama.<\/p>\n

For comparison, Lido offers a yield of around 3.9% while Coinbase Wrapped Staked Ether offers a yield of about 4.4%.<\/p>\n

Meanwhile, given its market cap to trade vale locked (TVL) ratio, the RPL token looks comparatively well overvalued when compared to Lido\u2019s LDO token.<\/p>\n

As per DeFi Llama, Rocket Pool\u2019s market cap\/TVL ratio is 0.39 to Lido\u2019s 0.12.<\/p>\n

Meme Coin Alternative to Consider<\/strong><\/h2>\n

So the outlook for Rocket Pool is pretty rough. \u00a0<\/p>\n

Traders should thus probably take a look at diversifying their crypto portfolios by looking elsewhere.<\/p>\n

Blue chip names like bitcoin (BTC) and ether (ETH) are always a good bet.<\/p>\n

But for crypto investors with a higher tolerance for risk and a higher desire for near-term profits, meme coins might be the way to go.<\/p>\n

The best way to profit big in the meme coin market is to identify a meme coin with a relatively unknown token that still has a very low market cap, but that has a good chance of exploding to the upside.<\/p>\n

Luckily for high-risk tolerance meme coin investors, analysts at Cryptonews.com have identified the perfect such project.<\/p>\n

Burn Kenny Coin is a brand-new South Park-themed meme coin that launched its presale on Thursday.<\/p>\n

Despite only launching a few hours ago, the new project has already been able to sell a whopping $350,000 worth of $KENNY tokens.<\/p>\n

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Given that the project is only selling $500,000 worth of the token, meme coin degens need to move quickly if they don\u2019t want to miss out.<\/p>\n

$KENNY has a very strong likelihood of seeing explosive upside when it launches on decentralized exchanges (DEXs), which will happen most likely tomorrow.<\/p>\n

That\u2019s because:<\/p>\n

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  1. The token\u2019s limited presale availability means pent-up demand and FOMO are likely to carry across to the DEX launch.<\/li>\n
  2. The presale values the token at a tiny $875,000 market cap (when you take into account the 30% token burn), leaving plenty of room for explosive upside.<\/li>\n
  3. 30% of the token supply is allocated to a three-month DEX liquidity lock to ensure smooth trading conditions.\u00a0<\/li>\n
  4. The marketing team behind Burn Kenny Coin also masterminded the SpongeBob (SPONGE), Thug Life (THUG) and Mr Hankey (HANKEY) tokens, all of which saw 3x-100x pumps. Their efforts are already paying dividends, with $KENNY featuring prominently across the crypto press.<\/li>\n<\/ol>\n
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    Get Hold of $KENNY Before the Presale Ends<\/strong><\/h2>\n

    With the project having now raised more than $340,000, Burn Kenny Coin\u2019s presale could sell out within a matter of hours.<\/p>\n

    Head over to the\u00a0Burn Kenny website\u00a0now, where you can click through to become a follower of the\u00a0Twitter account<\/a>\u00a0and join the\u00a0Telegram channel, so you will be first to know when the presale ends and about the imminent DEX launch.\u00a0<\/p>\n

    To buy $KENNY in presale, you will need Ethereum.<\/p>\n

    Connect your wallet at the\u00a0Burn Kenny Coin website\u00a0set how much you wish to buy, approve the connection and purchase, and you are done.<\/p>\n

    Return to the site and claim your tokens after the presale has concluded.<\/p>\n

    Buy $KENNY on the sly before the rest of the world wakes up, and you could bag the easiest 3x, or more, opportunity in crypto.<\/p>\n

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    Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n