Since its launch in 2017, District0x has continued to be a market leader in offering developers tools to create decentralized marketplace and communities, referred to as districts. For long, the project has continually grown, both in trading volume and market capitalization.
However, in 2022, the project has faced numerous challenges, partly due to the District0x ongoing cryptocurrency crash. The year to date data shows the cryptocurrency has lost 62 per cent of its value. Much of that loss has come in the month of May, with District0x being down by 55 per cent.
In today’s trading session, District0x price is almost down by a percentage point. This is despite seeing a small spike in its trading volume. Today’s trading session is also a third consecutive day that we are seeing District0x prices going down. The three days have also resulted in a 14 per cent price drop, putting a blunt in the crypto’s recovery efforts.
Despite recent District0x gains that had seen prices jump by 86 per cent, the trend is today looking very bearish. The Williams Alligator indicator shows the prices still being in an aggressive downward push. The indicator also shows that the recent surge in prices may not have changed the big-picture, which is a strong bearish trend.
Using the chart below, we can see the prices have been in a bearish move since the late hours of the May 19 trading session. The drop has resulted in a price loss of 25 per cent. The past two trading sessions have also seen increased volatility to the downside of the District0x price.
Therefore, my District0x price prediction expects the prices to continue trading downwards. There is a high likelihood that we will see the prices trading below the $0.040 price level. It is also highly likely that the current bearish trend is a resumption of the long downward move. If that is the case, then expect the prices to hit the $0.0343 support level. However, if the prices move past 0.052, my bearish analysis will be invalidated. It will also spell a likely recovery of the crypto.
This post was last modified on May 27, 2022, 08:55 BST 08:55