Rocket Pool’s recent all-time high saw whales take gains and form a local top.
Current stats show a drop in value, bearish trending, and an increase in exchange activity.
Rocket pool [RPL] recently hit an all-time high, leading some key players in the market known as “whales” to take profits and create a local spike. Now that the price has corrected, the question arises: what is the current state of whaling activities and other related statistics?
– Realistic or not, here is the RPL market cap in terms of BTC
Rocket Pool’s whale trades are a local top
According to Santiment, on April 17, the number of whale transactions on the Rocket Pool platform (transactions over $100,000) increased significantly. The number reached the second highest level.
In addition, the number of transactions increased to around 70. This coincided with the platform’s local peak, where the token reached an all-time high.
On November 8, 2021, a similar trend was observed in whale transactions on the Rocket Pool platform. Trades over $100,000 rose sharply to 111, at the same time the price of RPL reached its all-time high of $59.7.
Despite a brief drop in activity, whale trades remained stable on April 20 with 43 trades recorded. However, at the time of writing, the number of transactions had dropped significantly to around 6.
Rocket Pool on a daily timeframe
When looking at Rocket Pool’s daily timetable chart, a drop in value was observed. At the time of writing, the token was trading at around USD 46.7, representing a loss of almost 1%. In addition, the recent fall in value resulted in a drop of nearly 18% in the value of RPL.
Also, the Relative Strength Index (RSI) revealed that the token had entered a mildly bearish trend, with the RSI line dipping slightly below the neutral line. In addition, the Moving Average Convergence Divergence (MACD) indicator correlated with the RSI, with its current position below zero, to confirm the bearish trend of RPL.
Inflow and outflow peaks
Santiment’s exchange inflow and outflow data for Rocket Pool also revealed a recent surge in activity. On 20 April, the inflow benchmark was over 50,000 and the outflow benchmark was also over 50,000.
On closer inspection, it turned out that the outflow was several hundreds higher than the inflow. The spikes in both metrics were the highest recorded in several months.
– Is your portfolio green? Check out the Rocket Pool Profit Calculator
It has yet to be determined whether Rocket Pool will experience another wave of whale trades. In addition, it remains uncertain whether the subsequent spike in whale transactions will constitute a new local market spike.
This post Rocket Pool whales take profit, form local summit: What’s next for RPL?
was published first on https://ambcrypto.com/rocket-pool-whales-take-profit-form-a-local-top-whats-next-for-rpl/