DUSK dominated the altcoins market today showing an incredible 70% gain against its Bitcoin counterpart.
This move is sustained by a strong increase in volume's momentum. We have to take into account the fundamental fact that DUSK has just been listed on Binance on July, 7th. Following a strong decrease, an impressive but normal initial to a coin listing, we are now seeing a revival of the volume as buyers step up and prop this coin up.
Thanks to the soaring volume, the coin was able to break through its short-term downtrend. It is now entering a resistance zone at the 1400 satoshis level.
After such an upward movement, we could expect some profits taking and therefore a price pullback toward the near term-support at 1100 satoshis,, a healthy movement that would help the coin to breathe and rebuild its momentum to target the 2000+ satoshis level.
However if buyers were not able to defend the 1100 satoshis level, this would be a very bearish signal that could lead to a strong sell-off toward the 800 satoshis level and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
This move is sustained by a strong increase in volume's momentum. We have to take into account the fundamental fact that DUSK has just been listed on Binance on July, 7th. Following a strong decrease, an impressive but normal initial to a coin listing, we are now seeing a revival of the volume as buyers step up and prop this coin up.
Thanks to the soaring volume, the coin was able to break through its short-term downtrend. It is now entering a resistance zone at the 1400 satoshis level.
After such an upward movement, we could expect some profits taking and therefore a price pullback toward the near term-support at 1100 satoshis,, a healthy movement that would help the coin to breathe and rebuild its momentum to target the 2000+ satoshis level.
However if buyers were not able to defend the 1100 satoshis level, this would be a very bearish signal that could lead to a strong sell-off toward the 800 satoshis level and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .