- DAG crypto soared 20% in a day but faced buyer exhaustion.
- Will the rally stall and trigger a price pullback amid muted market interest?
As a seasoned crypto investor with battle-scarred fingers from navigating through countless market fluctuations, I find myself cautiously optimistic about Constellation (DAG). The recent 20% surge is undeniably enticing, but as history has shown us, even the most promising rallies can be short-lived.
On November 18th, the self-styled trailblazer in expanding blockchain networks, known as Constellation [DAG], experienced a 20% increase.
The rally pushed DAG to a five-month high of $0.05, key Q1 support that was flipped into resistance in H2.
Currently, the robust buying enthusiasm observed earlier in the week appears to be dwindling, as suggested by the extended upper shadow on the candlestick. So, what lies ahead for DAG?
What’s next for DAG’s price?
At the moment I’m writing this, it appears that buyers have reached their limit on the daily price charts, indicated by a mild price reversal at the anticipated support level for Q1 2024, which is $0.05. Previously, this level had functioned as a robust resistance during the price surge in May.
In the event of another comparable situation arising in November, I anticipate Digital Asset Growth (DAG) might retract to around $0.04 or even $0.035. These levels served as significant points of support during the price correction in May and could potentially offer some respite should a similar pullback occur again.
Based on the On-Balance Volume (OBV) indications, it appears that there’s room for an upward price trend in DAG. This could potentially lead us to retest the resistance at $0.05 or even surpass it. If this happens, late investors might find opportunities for market reentry at these levels, aiming for the $0.05 resistance or the upper resistance level at $0.07.
The two targets could yield 35% and 77% potential gains if DAG taps the two bullish targets.
DAG’s network activity surged
The price rally seen in the past week was also marked by a spike in network activity. The number of active addresses surged nearly doubled, but was way too small (about 20 addresses).
It’s worth noting that there was a modest increase in newly created addresses (represented by the blue line), but this rise eventually leveled out, indicating that perhaps not a large number of users felt compelled to jump on the bandwagon during the DAG rally.
Read Constellation [DAG] Price Prediction 2024-2025
This limited market interest could be a setback for a strong rally beyond the $0.05 roadblock.
To summarize, the seller fatigue in DAG might strengthen the $0.05 threshold, yet a possible reversal could present chances for late-arriving bulls to make purchases.
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2024-11-20 02:15