DWAC stock price is ready to break out from the range-bound area and recover to the $25 mark over the daily time frame chart. Meanwhile, the accumulation rate of buyers in the last few trading sessions has been relatively low and needs to rise in Thursday’s trading session. DWAC share price has been consolidating inside the horizontal range bound area after testing the $25 resistance in July. Nevertheless, Digital World Acquisition stock is currently preparing to recover towards the $25 mark.
DWAC stock price was at $15.86 and lost around 0.56% of its market capitalization in Wednesday’s trading session. Trading volume (71.598K) was below the average (142.098K) during the intraday trading session. This demonstrates that the accumulation rate of buyers was low and buyers must come forward for the rescue of DWAC shares to reach the upper threshold of the consolidation phase.
DWAC Stock Price Roadmap to $25 Mark
DWAC stock price is preparing for its breakout from the consolidation phase but buyers’ accumulation is lower than the required rate. This is shown by the lower volume change which is below average and needs to grow during Thursday’s trading session. Meanwhile, for DWAC stock to reach the $25 level, it must follow through with a plan to be at the recovery level, as per analysts. The stock price of DWAC is above 50 and 100-days DMAs, and is likely to break out of the 20 and 200-days daily moving averages.
DWAC share price must break out of the upper price range of the consolidation phase that is $16.70 mark to initiate its recovery towards the $25 mark. After that, DWAC stock needs to surge and reach the $19.01 mark that is the secondary resistance level and then it must register its breakout from the $21.82 resistance. Only then can the DWAC stock recover towards the $25 mark following mild consolidation to gain stability.
DWAC stock price gained slightly around 0.70% in a week but slipped by 5.20% in a month. Moreover, DWAC shares surged by 22.28% in the last three months and 20.52% in the last six months. In addition, DWAC share price soared around 3.59% year to date.
The DWAC chart shows sideways momentum. Relative strength index (RSI) highlights the consolidation phase of DWAC. RSI was at 48 and is hovering below neutrality. Investors in Digital World Acquisition Corp. (NASDAQ: DWAC) needs to wait until DWAC share price breaks out from the upper threshold of the consolidation phase.
Summary
DWAC stock price is ready to break out from the range-bound area and recover for the $25 mark over the daily time frame chart. DWAC share price has been consolidating inside the horizontal range bound area after testing the $25 resistance in July. Meanwhile, for DWAC stock to reach the $25 it must follow through with a plan to be at the recovery level, says analysts. Technical indicators suggest the sideways momentum of DWAC shares.
Technical Levels
Support Levels: $15.65 and $15.25
Resistance Levels: $16.70 and $19.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/12/digital-world-acquisition-corp-will-dwac-stock-price-hit-25/