District0x Price Prediction: DNT prepares for potential retracement following 700% rally
|- DNT price is up by more than 700% in the past five days after Coinbase announced its listing.
- After such a massive rally, the digital asset seems to be ready for a pullback.
On November 5, Coinbase announced the listing of District0x, and its price jumped 150% within 24 hours. Instead of slowing down, DNT’s price continued surging from a low of $0.0086 to a current peak at $0.0837, but now it seems to be preparing for a potential pullback.
DNT seems to be topping out after a colossal rally
On the hourly chart, DNT’s price seems to be getting rejected from a resistance level established at $0.078, which was tested on November 8 and 9. At the same time, a potential ascending triangle has formed on the 1-hour chart.
DNT/USD 1-hour chart
Even though technical indicators remain bullish, rejection from the upper trendline at $0.078 can quickly drive the price of DNT towards the lower barrier at $0.063. A breakdown from this point will push the digital asset towards a low of $0.04, target projected from the triangle height.
DNT GIOM chart
IntoTheBlocks Global In/Out of the Money (GIOM) chart seems to confirm the theory mentioned above as it shows the next significant support area to be around $0.04, which has 243,000 DNT tokens in volume.
However, the same chart also indicates that the resistance above isn’t as stiff as support. A breakout above the upper trendline of the ascending triangle at $0.078 can quickly push DNT’s price to $0.096, which is the next congestion area to the upside.
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