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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
