Hello everybody. Today I will be analyzing DNX, a fundamental cryptocurrency that accounts for 24% of all GPU mining power. Here's a breakdown of the key points:
⚡On the daily chart, DNX formed an ascending triangle pattern. Although this is not a perfect ABCDE wave motion, it is reliable. A recent break of the $0.95 resistance level within this pattern led to a rally to around $1.20. Subsequently, a pullback occurred and the price returned to the $0.95 level again. Currently, the price is stabilizing in the range of $0.95 to $1. If the previous resistance at $0.95 can turn into a support level, this could lead to a period of sideways movement ahead of a potential uptrend. The Ascending Triangle pattern assumes a target of $1.50 per coin.
⚡The downtrend marked by the red line has been broken. This breakout led to a slight uptick followed by a sideways movement. After the consolidation, DNX began to set new highs and lows, indicating the end of the downtrend. Now the price is on an upward trajectory, characterized by the fact that each subsequent minimum is higher than the previous one.
⚡DNX boasts a diagonal support line that has shown its resilience. It has already acted as a bounce point twice, and now we are witnessing a third bounce from this ascending trend line. If this trend continues, it could lead to a lot of price action.
⚡On the daily chart, DNX shows a bullish divergence. The Relative Strength Index (RSI) shows a lower low, while the price chart shows a higher low. This is considered a positive sign.
⚡The RSI index is stable in the range of 50, which indicates some strength.
⚡In the short term, the target for DNX is set at $1.50 per coin. In the long term, the price of DNX could reach $3 to $5 per coin by the end of the year.
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