The Dusk Network token had an incredible rally from early December, which marked ATH of $1.5. The pair faced intense selling from the new resistance, starting a minor correction phase. So far, the token has lost nearly 12% from the top and now retest the 0.236 FIB support for continuing its uptrend.
Key technical points to ponder
- The DUSK token faces strong resistance from 50-day EMA support
- The intraday trading volume in the Dusk Network token is $140.3 Million, indicating a 0.84% loss.
Source-Tradingview
As mentioned in my previous article on Dusk Network, the token price gave a decisive breakout from the $0.41 neckline of a cup and handle pattern of the daily time frame chart. The token spent three days in a retest, and later a 30% bullish follow-up candle confirms this breakout.
Since then, the rally continued, and the chart shows new higher highs and higher lows in the daily time frame chart. Today, the pair made a New All-Time High of $0.951, indicating a total gain of 130% from the breakout point.
The DUSK price is trading high above the fast 20 MEA line, projecting a strong bullish trend. The crypto traders can expect good support from the bottom EMA levels in case of occasional pullbacks.
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Despite being in the bullish zone, the Relative Strength Index(66) line shows a bearish divergence in its chart.
DUSK token 4-hour Time Frame Chart
Source-Tradingview
After rejecting from the new resistance level of $49.5 level, the token price entered another correction phase. The DUSK price is trading at $0.798, with an intraday loss of 10%. The pair is currently trying to sustain above the 0.236 Fibonacci retracement level.
The important levels for the token on the upside are at $l80, followed by the $1.71. And, on the lower side, the support levels are at $1.5 and $1.38.
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