The Constellation (DAG) price is still trapped in a moderate correction phase. The DAG/USD price started a recovery rally as the coin was entering the year 2022. However, a descending trendline is interrupting any bullish rally trying to reclaim the higher level.
Source-Tradingview
Historical Performance
During the third quarter of 2021, the DAG coin parabolic rally entered a correction phase. This moderate pullback plunged the price to the $0.14 mark, indicating around 70% loss from the All-Time High($0.462).
The DAG price obtained sufficient demand from this bottom support($0.14) and initiated a new recovery rally. However, the price rallied to the $0.24 mark, faced strong resistance from an upcoming resistance trendline, pushing the coin price back to the lower levels.
Descending trend brings 23% discount on Constellation (DAG) Price
Source-Tradingview
Rejecting from $0.24 resistance, the DAG price plummeted to the $0.18 support, losing around 23% in value. For almost two weeks, the coin price has been hovering above this support level, trying to acquire sufficient demand.
If DAG price manages to bounce back from this $0.18, the coin buyers have to overcome the descending trendline too, in order to continue its rally.
By the press time, the currently DAG price is trading at $0.186, with an intraday loss of 1.27%. Moreover, the 24hr volume change is $1.4 Million, indicating an 11.52% loss. According to coinmarketcap, the token stands at #180 rank with its current market cap of $243.5 Billion(+1.26%).
Technical Analysis
The DAG price has again slipped below the 200 DMA line, indicating a bearish trend. Combining with the $0.18 horizontal level, the 50 DMA line is trying to maintain a recovery rally.
The Moving average convergence divergence shows the MACD and signal line is constantly approaching the neutral zone(0.00)from above. If the DAG price breaks down from the $0.18 support, these lines will cross below the midline, providing an extra confirmation for the selling opportunity.
The 4-hour RSI chart displays bullish divergence, indicating a better possibility of bullish reversal.
- Resistance levels- $0.24 and $0.287
- Support levels- $0.18 and $0.14
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/constellation-price-analysis-descending-trending-bring-23-discount-on-dag-coin-price/