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 throughout the Rocket Pool protocol to incentivize trustworthy node operation, in addition to for protocol governance, was final down round 7.5% within the final 24 hours, as per CoinGecko.
That makes RPL the worst performing cryptocurrency within the prime 100 by market cap over that point interval.
RPL’s droop on Thursday noticed it break to the south of key resistance within the type of the March lows at $31.30, with RPL/USD final altering arms not far to the north of the $30 stage.
If it additionally loses the important thing psychological $30 help, issues may get unhealthy for RPL, therefore why value predictions are getting an increasing number of bearish.
Value Prediction – The place Subsequent for Rocket Pool (RPL)?
RPL is wanting unhealthy from a technical standpoint.
The cryptocurrency has not solely damaged beneath key March help, and isn’t solely threatening a break beneath $30, however can also be buying and selling to the south of all of its main transferring averages, with the 21-Day Transferring Common (DMA) just lately having acted as sturdy resistance on a number of events.
To make issues worse for RPL, a powerful promote sign was additionally just lately triggered when the 50DMA fell beneath the 200DMA final weekend – a so-called “loss of life cross”.
There isn’t a lot by means of help till the $23-26 space.
Right here’s Why RPL May Proceed Struggling
Apart from its bearish technical outlook, RPL might proceed struggling for elementary causes.
Firstly, although the protocol’s share of the staked ETH market has risen from simply above 5% to now round 8% since 2023 begun, the tempo of market share progress has slowed just lately.
And a few suppose it could begin to reverse, on condition that Rocket Pool presents the bottom yield for ETH stakers of all the main staking protocols, final round 3.3% as per DeFi Llama.
For comparability, Lido presents a yield of round 3.9% whereas Coinbase Wrapped Staked Ether presents a yield of about 4.4%.
In the meantime, given its market cap to commerce vale locked (TVL) ratio, the RPL token appears to be like comparatively nicely overvalued when in comparison with Lido’s LDO token.
As per DeFi Llama, Rocket Pool’s market cap/TVL ratio is 0.39 to Lido’s 0.12.
Meme Coin Different to Think about
So the outlook for Rocket Pool is fairly tough.
Merchants ought to thus in all probability check out diversifying their crypto portfolios by wanting elsewhere.
Blue chip names like bitcoin (BTC) and ether (ETH) are all the time a very good guess.
However for crypto buyers with the next tolerance for threat and the next want for near-term income, meme cash could be the way in which to go.
The easiest way to revenue large within the meme coin market is to determine a meme coin with a comparatively unknown token that also has a really low market cap, however that has a very good likelihood of exploding to the upside.
Fortunately for high-risk tolerance meme coin buyers, analysts at Cryptonews.com have recognized the right such venture.
Burn Kenny Coin is a brand-new South Park-themed meme coin that launched its presale on Thursday.
Regardless of solely launching a couple of hours in the past, the brand new venture has already been in a position to promote a whopping $350,000 price of $KENNY tokens.
On condition that the venture is barely promoting $500,000 price of the token, meme coin degens want to maneuver shortly in the event that they don’t wish to miss out.
$KENNY has a really sturdy probability of seeing explosive upside when it launches on decentralized exchanges (DEXs), which is able to occur almost certainly tomorrow.
That’s as a result of:
- The token’s restricted presale availability means pent-up demand and FOMO are prone to carry throughout to the DEX launch.
- The presale values the token at a tiny $875,000 market cap (whenever you consider the 30% token burn), leaving loads of room for explosive upside.
- 30% of the token provide is allotted to a three-month DEX liquidity lock to make sure clean buying and selling circumstances.
- The advertising and marketing group behind Burn Kenny Coin additionally masterminded the SpongeBob (SPONGE), Thug Life (THUG) and Mr Hankey (HANKEY) tokens, all of which noticed 3x-100x pumps. Their efforts are already paying dividends, with $KENNY that includes prominently throughout the crypto press.
Get Maintain of $KENNY Earlier than the Presale Ends
With the venture having now raised greater than $340,000, Burn Kenny Coin’s presale may promote out inside a matter of hours.
Head over to the Burn Kenny web site now, the place you’ll be able to click on by means of to grow to be a follower of the Twitter account and be part of the Telegram channel, so you may be first to know when the presale ends and concerning the imminent DEX launch.
To purchase $KENNY in presale, you will have Ethereum.
Join your pockets on the Burn Kenny Coin web site set how a lot you want to purchase, approve the connection and buy, and you’re completed.
Return to the positioning and declare your tokens after the presale has concluded.
Purchase $KENNY on the sly earlier than the remainder of the world wakes up, and you could possibly bag the simplest 3x, or extra, alternative in crypto.
Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You might lose all your capital.