The DNT price has taken a nosedive this month, losing 35 per cent of its value. The crypto also performed dismally in May, where its value dropped by 47 per cent. However, for much of the year, DNT had shown signs of having a strong bullish year, unlike other cryptocurrencies that were losing in the markets.
At one point, the DNT price was trading at a $0.20 price level, which is the yearly price high. However, since then, the prices started taking a nosedive, and the aggressive bearish trend has not stopped since then. This has seen the DNT price drop by 82 per cent since reaching its yearly highs in mid-April.
Today’s trading session has seen the DNT price rise by 4 per cent. However, the daily chart below shows that the last four days have traded sideways. Yesterday’s aggressive push to the downside also saw the prices reverse the gains of the previous two days.
Therefore, the general trend of DNT is still aggressively bearish. My DNT price prediction also expects the prices to continue being bearish despite today’s 4 per cent gain in the markets. There is a high likelihood that in the next few trading sessions, we will see the prices drop and hit the $0.032 support level. Based on the current strong bearish trend, it is also highly likely that the prices will push downwards and trade below the support level.
Even with today’s prices being bullish, there is a good chance that the gains made will not wipe out yesterday’s 9 per cent drop. Therefore, I expect a reversal to the downside, which will see the prices break the $0.032 support level.
However, should the prices trade above the $0.040 price level, then my bearish trend analysis will be invalidated. It will also mean a likely price move that will see prices hit the long-term resistance level of $0.065.
This post was last modified on Jun 17, 2022, 08:44 BST 08:44