DNX Is Going Straight To $1.5! DNX Holds 24% Of All GPU Miningđź‘€
Hello everyone, today I'm going to analyze one of the fundamental coin, which holds 24% of all GPU mining power. It's called DNX.
1)On the daily chart, we have formed an Ascending Triangle pattern. It's not a perfect ABCDE wave movement, but it's not bad either. Recently, we broke through the resistance level of $0.95 in the Ascending Triangle pattern and rise approx $1.20. We later retraced back to the previous resistance level of $0.95, and currently, the price is stabilizing in the range of $0.95 to $1. If we can successfully convert the previous $0.95 resistance level into a support level, we may see some sideways movement before a potential upward trend that could bring us to the Ascending Triangle target of $1.50 per coin.
2)I mentioned a downward trend marked by a red line. When the price broke out of the downtrend line, we was rise little bit and then saw some sideways movement. After this consolidation, we began to establish Higher-High and Higher-Low, and downward movement was finished. Currently, we are in an upward phase, characterized by each successive Low being Higher than the previous one.
3)We also have a diagonal support line, and it has been holding up well. The price has bounced off this line two times already, and currently, we are seeing the third bounce from the upward trendline. If this bounce hold, we may see some nice price action.
4)DNX on the daily chart have a bullish Divergence. On the RSI indicator, we see a Lower-Low, while on the price chart, we see a Higher-Low. It's a good sign too.
5)RSI is also holding steady in the 50 range, showing some strength.
6)On this analysis, the target for DNX is $1.5 per coin in the short term. For the long term, it has the potential to reach $3 - $5 per coin by the end of the year.
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1)On the daily chart, we have formed an Ascending Triangle pattern. It's not a perfect ABCDE wave movement, but it's not bad either. Recently, we broke through the resistance level of $0.95 in the Ascending Triangle pattern and rise approx $1.20. We later retraced back to the previous resistance level of $0.95, and currently, the price is stabilizing in the range of $0.95 to $1. If we can successfully convert the previous $0.95 resistance level into a support level, we may see some sideways movement before a potential upward trend that could bring us to the Ascending Triangle target of $1.50 per coin.
2)I mentioned a downward trend marked by a red line. When the price broke out of the downtrend line, we was rise little bit and then saw some sideways movement. After this consolidation, we began to establish Higher-High and Higher-Low, and downward movement was finished. Currently, we are in an upward phase, characterized by each successive Low being Higher than the previous one.
3)We also have a diagonal support line, and it has been holding up well. The price has bounced off this line two times already, and currently, we are seeing the third bounce from the upward trendline. If this bounce hold, we may see some nice price action.
4)DNX on the daily chart have a bullish Divergence. On the RSI indicator, we see a Lower-Low, while on the price chart, we see a Higher-Low. It's a good sign too.
5)RSI is also holding steady in the 50 range, showing some strength.
6)On this analysis, the target for DNX is $1.5 per coin in the short term. For the long term, it has the potential to reach $3 - $5 per coin by the end of the year.
If you find this analysis is helped you, please hit the like button and subscribe me :)
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