RPL, the utility token that powers the Rocket Pool Ethereum decentralized liquid staking protocol, has been taking a beating on Thursday.
The token, which is used for staking alongside ETH within the Rocket Pool protocol to incentivize honest node operation as well as for governance of the protocol, is down around 7.5% over the past 24 hours, according to CoinGecko.
That makes RPL the worst performing cryptocurrency in the top 100 by market capitalization during that time period.
The RPL’s slide on Thursday saw it break south of key resistance in the form of the March lows at $31.30, with RPL/USD last changing hands not far north of the $30 level.
If it also loses the key psychological support at $30, things could get worse for RPL, so price predictions turn more and more bearish.
Price Prediction: What’s Next for Rocket Pool (RPL)?
RPL looks bad from a technical point of view.
The cryptocurrency has not only broken below key March support, and not only threatens a break below $30, but is also trading south of all of its major moving averages, with the 21-day moving average (DMA) recently acting as strong resistance on multiple occasions.
To make matters worse for RPL, a strong sell signal was also triggered recently when the 50DMA fell below the 200DMA last weekend, the so-called “death cross”.
There is not much support until the $23-26 area.
Here’s why RPL could continue to fight
Aside from its bearish technical outlook, RPL may continue to struggle for fundamental reasons.
First, while the protocol’s share of the staked ETH market has risen from just over 5% to around 8% since the start of 2023, the pace of market share growth has slowed recently.
And some think it may start to reverse, given that Rocket Pool offers the lowest return for ETH staking out of all the major staking protocols, lasting around 3.3% according to DeFi Flame.
For comparison, Lido offers a return of around 3.9%, while Coinbase Wrapped Staked Ether offers a return of around 4.4%.
Meanwhile, given its relationship between market cap and trade value locked (TVL), the RPL token appears comparatively well overvalued compared to Lido’s LDO token.
According to DeFi Llama, Rocket Pool’s market cap/TVL ratio is 0.39 versus 0.12 for Lido.
Alternative to Meme Coin to consider
So the prospects for Rocket Pool are pretty tough.
Therefore, traders should probably consider diversifying their crypto portfolios by looking elsewhere.
Blue chip names like bitcoin (BTC) and ether (ETH) are always a good bet.
But for crypto investors with a higher tolerance for risk and a greater desire for short-term profit, meme coins could be the way to go.
The best way to make big profits 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 has a good chance of breaking out.
Fortunately for high-risk tolerance meme coin investors, analysts at Cryptonews.com have identified the perfect project.
The Burn Kenny Coin is a new South Park-themed meme coin that launched its pre-sale on Thursday.
Despite only launching a few hours ago, the new project has already been able to sell $350,000 worth of $KENNY tokens.
Since the project only sells $500,000 worth of token, meme coin degenerators need to move quickly if they don’t want to miss out on the opportunity.
$KENNY has a high probability of seeing an explosive upside when it launches on decentralized exchanges (DEXs), which will likely happen tomorrow.
That is because:
- The limited pre-sale availability of the token means that pent-up demand and FOMO are likely to carry over to the DEX launch.
- The pre-sale values the token at a small market cap of $875,000 (if you factor in the 30% token burn), leaving plenty of room for explosive upside.
- 30% of the token supply is allocated to a three-month DEX liquidity lock to ensure smooth trading conditions.
- The marketing team behind the Burn Kenny Coin also planned the SpongeBob (SPONGE), Thug Life (THUG) and Mr Hankey (HANKEY) tokens, all of which saw 3x-100x bombs. His efforts are already paying dividends, with $KENNY ranking high in the crypto press.
Get $KENNY before the pre-sale ends
Now that the project has raised over $340,000, the Burn Kenny Coin presale could sell out in a matter of hours.
Head over to the Burn Kenny website now, where you can click to become a supporter of the Twitter account and join the telegram channelso you will be the first to know when the pre-sale ends and about the imminent launch of DEX.
To buy $KENNY in pre-sale, you will need Ethereum.
Connect your wallet to the Burn Kenny Coin website, set how much you want to buy, approve the connection and purchase, and you’re done.
Return to the site and claim your tokens after the pre-sale has concluded.
Buy $KENNY on the sneak before the rest of the world wakes up, and you could get the easiest chance of 3x, or more, in crypto.
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 your capital.
