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

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

SEC Chair Gary Gensler’s Downfall Sends Cryptocurrency Soaring

The potential departure of SEC Chair Gary Gensler after Trump’s presidential victory is sparking a…

39 mins ago

Illinois Tech Worker Won Big with Solana – Now She Sees BlockDAG as the Next Solana

After making $40,000 in profits with Solana, Illinois tech worker Laura Kim is now betting…

51 mins ago

Robinhood CLO Dan Gallagher Generates Excitement As Potential New SEC Chair

Trump’s transition team is considering Robinhood CLO Dan Gallagher, Paul Atkins, and Robert Stebbins as…

1 hour ago

Why is the XRP Price Down Today? Market Expert Replies and Points to Ripple Killer on the Rise

Experts spotlight a rising AI token poised to create a major shift in the market…

2 hours ago

Dogecoin Price Reaches 5-Month High: Here’s What’s Driving The Increase 

The Dogecoin price has reached a five-month high, and investors should buy the Ethereum token…

5 hours ago

Best Cryptos to Invest in Now: Don’t Miss Out on These Potential Game-Changers!

Crypto isn’t just for the tech-savvy anymore; it’s for everyone. As more people jump into…

6 hours ago

This website uses cookies.