The DUSK price has been trading inside a descending wedge for the past 175 days. It reached a low on Jan. 29 and has been increasing ever since.
Dusk Network (DUSK) Price Highlights
- DUSK is trading inside a long-term descending wedge.
- The RSI has generated significant bullish divergence.
- The price is trading inside a range of between 400-480 satoshis.
- Medium-term moving averages are close to making a bullish cross.
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Let’s take a closer look at the DUSK price movement and determine where it is heading to next.
The DUSK price has been trading inside a descending wedge for the past 175 days. A breakout seems likely for two reasons:
- The descending wedge is considered a bullish pattern
- The RSI has generated considerable bullish divergence.
Furthermore, it is in the process of moving above 50, which would indicate that the price is in a bullish trend. A breakout would likely cause the RSI to decisively move above 50.
The descending resistance line is currently near 500 satoshis, slightly more than 10% above the current price.
In the short-term, the price has been trading inside a range of between 400-480 satoshis. It initially broke down from this range on Feb. 26 but failed to sustain the lower prices and reclaimed the support level shortly after. This is a bullish sign that often precedes an upward move toward the range high.
A breakout above this range would likely mean a breakout above the long-term descending wedge.
The 50- and 200-period moving averages (MA) are very close to making a bullish cross, supporting the possibility of a breakout.
If the price breaks out, there are two main targets, found at 680 and 860 satoshis. The first target would be a 47% increase from the current price, while the second one an 85% price increase.
To conclude, the DUSK price has been trading inside a long-term bullish reversal pattern. A breakout could take the price as high as 860 satoshis.
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