Market Overview: Rocket Pool/USDC (RPLUSDC) 24-Hour Summary

• Rocket Pool/USDC (RPLUSDC) dropped from $5.22 to $4.94 before surging 6.9% in the final 6 hours to close at $5.32.
• Strong buying pressure emerged after 12:00 ET, with volume spiking to $1740.72 as price broke above 61.8% Fib level.
• RSI crossed into overbought territory and MACD showed bullish divergence, suggesting potential for a continuation.
• Volatility expanded significantly with a 28% range between $5.10 and $5.33, while Bollinger Bands widened near key resistance.
• Price confirmed a bullish engulfing pattern in the final candle, signaling possible short-term upside.

Rocket Pool/USDC (RPLUSDC) opened at $5.10 on October 5 at 12:00 ET, reaching a low of $4.94 before closing at $5.32 at 12:00 ET on October 6. The pair hit an intraday high of $5.33 and traded with a total volume of 7,718.98 units and a notional turnover of $41,879.29. The final 6 hours saw a dramatic reversal as buyers regained control.

Over the 24-hour period, RPLUSDC formed a bullish engulfing pattern at the end of the session, confirming a potential reversal. Key support appeared at $4.94, tested twice before a strong rebound. Resistance levels formed at $5.10 (initial 20-period moving average), $5.13 (61.8% Fibonacci retracement), and $5.22 (recent high). Price action showed a strong trend reversal after 2:00 AM ET, with RSI entering overbought territory and MACD forming a positive divergence.

Bollinger Bands expanded with increased volatility, particularly in the last 4 hours, as price closed near the upper band. The 20-period and 50-period moving averages crossed in a bullish fashion, suggesting a short-term upward bias. The 200-period MA, however, remained below price, indicating long-term uncertainty. Volume spiked during the final bullish breakout, providing confirmation of the move.

Price remains well above the 61.8% Fibonacci level, with a potential target near $5.40 if the current momentum holds. A retest of the $5.10–$5.12 range is likely to confirm the strength of the breakout. However, a close below $5.20 could negate the bullish setup. Investors should watch for a retest of key moving averages and a continuation of the recent divergence in the MACD and RSI to gauge the sustainability of the move.

Backtest Hypothesis

Given the recent bullish divergence in MACD and RSI, coupled with a strong volume spike during the breakout above $5.10, a backtest strategy could be designed to enter a long position on a close above the 61.8% Fibonacci level ($5.13) with a stop just below the recent swing low at $5.02. A target could be placed at $5.33 (previous high) with a trailing stop at $5.20. This strategy aligns with the observed price action and would capitalize on the current momentum, making it a viable test for the next 48 hours.