Market Overview for Rocket Pool/USDC (RPLUSDC) – 24-Hour Analysis

• Rocket Pool/USDC declined 4.84% in 24 hours, closing at 3.31 from a high of 3.63 and support at 3.3.
• High volatility and volume spikes emerged mid-session, with RPLUSDC testing key levels multiple times.
• RSI hit oversold levels by 05:30 ET, but failed to trigger a strong bounce, suggesting potential exhaustion.
• Bollinger Bands widened as price drifted lower, indicating increased uncertainty and range expansion.
• A bearish engulfing pattern formed at 17:00 ET, failing to recover the next day, raising caution for further downside.

Rocket Pool/USDC (RPLUSDC) opened at 3.58 on October 21 at 12:00 ET and closed at 3.31 on October 22 at the same time, marking a 24-hour decline of 4.84%. The pair reached a high of 3.63 and a low of 3.29, with total volume of 14.91 million units and a notional turnover of 49.46 million USDC during the period.

The price action was defined by a sharp selloff from 17:00 ET onward, where a bearish engulfing candle formed at the 17:00 ET time frame (3.62 → 3.56), signaling strong bearish momentum. The market then moved sideways for several hours before breaking below 3.40 in the early hours of October 22, finding support temporarily at 3.35. The price then continued to drift lower, testing 3.30 and 3.29 before settling near 3.31.

Structure & Formations

The 24-hour chart displayed multiple key resistance and support levels. Resistance appeared to cluster between 3.35 and 3.39, while support was confirmed near 3.30 and 3.29. A key bearish engulfing pattern formed at 17:00 ET, with volume confirming the breakdown. A doji candle appeared at 02:00 ET, indicating indecision. Price then formed a lower high and a lower low, suggesting a bearish trend continuation.

Moving Averages

On the 15-minute chart, the 20-period MA was below the 50-period MA, reinforcing the bearish bias. On the daily chart, the 50- and 200-period MAs were also in a bearish crossover, with the 50-period MA below the 200-period. Price is currently below both, indicating a stronger probability of further downside.

MACD & RSI

The MACD crossed into negative territory around 18:00 ET and remained bearish for most of the 24-hour window. RSI hit oversold levels (below 30) at 05:30 ET but failed to reverse, which could indicate exhaustion or lack of immediate support. The divergence between RSI and price movement during the 09:00–11:00 ET window suggests a weakening bullish attempt.

Bollinger Bands

Bollinger Bands expanded during the selloff, with the lower band settling near 3.29. Price has remained within the bands but drifted closer to the lower band as the session progressed. The widening of bands signals increased volatility, which may continue into the next 24 hours.

Volume & Turnover

Volume spiked during the 17:00–18:00 ET selloff and again at 05:30–06:00 ET when the price broke below 3.35. Notional turnover also increased during these periods, confirming the bearish bias. However, volume remained low in the last 12 hours, suggesting a potential lull in selling pressure or exhaustion.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing from 3.63 to 3.30, key levels are as follows:
- 23.6%: 3.53
- 38.2%: 3.50
- 50.0%: 3.47
- 61.8%: 3.43
- 78.6%: 3.39

Price is currently near the 61.8% level at 3.43, having broken below that during the early hours of October 22 and failing to recover. This may signal further bearish continuation toward 3.30 or 3.29.

Backtest Hypothesis

The initial technical scan for the RPLUSDC pair was unable to proceed due to a potential ticker mismatch. As a result, the Bearish Engulfing pattern could not be analyzed for its historical performance. If the correct ticker is provided—such as “RPL-USDC” or similar—this pattern can be evaluated for its predictive power. A 1-day-hold backtest from 2022 to present will assess how reliable this pattern has been in predicting bearish reversals. This information is critical to refine risk management and signal prioritization for this specific pair.