$FTX $DAWN Protocal setting up for a buying opportunity?
Keep an eye on Dawn Protocal (DAWN). I have used the FTX 4hr Perpetual chart as this is the exchange i am trading on. For a more complete price history you can have a look at the code DAWNUSD from Bittrex or alternatively you can find it on coinmarketcap. Please note that pricing levels will change dependant on exchange used.
Looking at the chart, you can see that the token has managed to bounce off the major horizontal support level that has formed in the $5.20 to $5.50 range. In addition, we are witnessing bullish divergence on the MACD which has formed a higher low whilst price has made a new low - this is generally warning of a bullish move on the horizon and the potential end of the downtrend in price.
Look to buy a convincing horizontal break (and close) above the most recent horizontal swing high @ $6.43 which should hopefully set this token off to the races.
Looking at the chart, you can see that the token has managed to bounce off the major horizontal support level that has formed in the $5.20 to $5.50 range. In addition, we are witnessing bullish divergence on the MACD which has formed a higher low whilst price has made a new low - this is generally warning of a bullish move on the horizon and the potential end of the downtrend in price.
Look to buy a convincing horizontal break (and close) above the most recent horizontal swing high @ $6.43 which should hopefully set this token off to the races.
Comment:
No close above 6.43 so no trade on this one. Unfortunately Elon spoiled the crypto party at that point. This shows the importance of waiting for a close and confirmation before aping in
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