This altcoin is up 300% if the market corrects, will the uptrend continue?
Dusk Network (DUSK) is approaching a very strong area of resistance created by the meeting of the Fib levels, which could trigger rejection.
Weekly outlook
The weekly chart shows that DUSK has almost tripled in the past two weeks, hitting a new all-time high of $ 0.656 in December.
The high was very close to the external Fib resistance of $ 1.61 at $ 0.69. This fib level often acts as a resistance after the price enters the pricing phase.
Although it is close to the resistance level, the technical indicators showed no signs of weakening.
The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising. This means that the short-term MA is accelerating compared to the long-term MA and is a sign of an upward trend.
Additionally, the RSI is rising and staying above 50. Such a metric shows that the trend is bullish. Despite the fact that the RSI is in the overbought area (above 70), it can stay in this area for an extended period of time. After all, most of the upside movement usually occurs within the overbought zone.
If DUSK breaks the $ 0.69 resistance area, the closest will be at $ 1.06, created by the outer Fib resistance level of 2.61.
Weekly DUSK / USDT Chart | Source: TradingView
Future movement
A closer look at the move since June reveals a bullish impulse. If true, DUSK is in the fifth and final rally of this impulse.
The ratio between the waves also suggests that the price could rise near $ 0.69. A similar goal arises when using the external fib retracement tool on wave four (white) and when measuring the length of waves 1-3 (black).
Daily DUSK / USDT chart | Source: TradingView
DUSK / BTC
Trader @CryptoNTez tweeted a DUSK / BTC chart showing a 300% gain since early November.
The source: Twitter
The DUSK / BTC chart also paints a similar bullish picture.
The pair broke the descending resistance line and confirmed it as support on December 6th (green symbol). Since then, things have risen rapidly.
The next area of resistance is 2100 satoshis created by the August 2019 high.
Weekly DUSK / BTC chart | Source: TradingView
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Author
Analysis
This altcoin is up 300% if the market corrects, will the uptrend continue?
Dusk Network (DUSK) is approaching a very strong area of resistance created by the meeting of the Fib levels, which could trigger rejection.
Weekly outlook
The weekly chart shows that DUSK has almost tripled in the past two weeks, hitting a new all-time high of $ 0.656 in December.
The high was very close to the external Fib resistance of $ 1.61 at $ 0.69. This fib level often acts as a resistance after the price enters the pricing phase.
Although it is close to the resistance level, the technical indicators showed no signs of weakening.
The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising. This means that the short-term MA is accelerating compared to the long-term MA and is a sign of an upward trend.
Additionally, the RSI is rising and staying above 50. Such a metric shows that the trend is bullish. Despite the fact that the RSI is in the overbought area (above 70), it can stay in this area for an extended period of time. After all, most of the upside movement usually occurs within the overbought zone.
If DUSK breaks the $ 0.69 resistance area, the closest will be at $ 1.06, created by the outer Fib resistance level of 2.61.
Weekly DUSK / USDT Chart | Source: TradingView
Future movement
A closer look at the move since June reveals a bullish impulse. If true, DUSK is in the fifth and final rally of this impulse.
The ratio between the waves also suggests that the price could rise near $ 0.69. A similar goal arises when using the external fib retracement tool on wave four (white) and when measuring the length of waves 1-3 (black).
Daily DUSK / USDT chart | Source: TradingView
DUSK / BTC
Trader @CryptoNTez tweeted a DUSK / BTC chart showing a 300% gain since early November.
The source: Twitter
The DUSK / BTC chart also paints a similar bullish picture.
The pair broke the descending resistance line and confirmed it as support on December 6th (green symbol). Since then, things have risen rapidly.
The next area of resistance is 2100 satoshis created by the August 2019 high.
Weekly DUSK / BTC chart | Source: TradingView
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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