- Bullish momentum persists in DPR, but trend reversal looms.
- A drop in trading volume and bearish divergence indicate a shift in market mood.
- Overbought conditions suggest a possible downward correction in DPR.
In the last 24 hours, bullish momentum in Deeper Network (DPR) has persisted, as $0.007469 support has thwarted all attempts by bears to drive the price lower. However, buyers could not push the price higher than the previous day’s $0.007582 high, and the upward momentum slowed. However, the bullish run was still in effect at the time of publication, resulting in a 0.32 percent increase to $0.007512.
If the current bullish run can break through the 24-hour high, the next resistance level might be $0.008, which could entice additional buyers and lead to higher prices. The support level of $0.007 could be temporarily tested if market sentiment suddenly shifts, triggering a decrease in price before any possible recovery.
During the upswing, DPR’s market capitalization rose by 0.57% to $12,781,389, the 24-hour trading volume fell by 10.78% to $1,110,167. This change indicates that investors are still bullish on DPRs, despite the drop in trading activity and are therefore hanging onto their positions, leading to a rise in market capitalization.
DPR/USD 24-hour price chart (source: CoinMarketCap)
The positive momentum in the DPR market has waned since the Aroon down touched 85.71% and the Aroon up touched 78.57%, implying that a trend reversal is possible.
This is backed up by a drop in trading volume and a bearish divergence between the price and the RSI indicator, indicating a likely shift in the market mood from bullish to bearish.
With a stochastic RSI of 100.00, a price trend reversal in the DPR coin is near, and traders may consider taking gains or executing stop-loss orders to prevent future losses. This trend warns against hanging onto the asset for too long, as it may undergo a downward correction due to overbought conditions in the near future.
DPR/USD chart (source: TradingView)
DPRUSD’s positive momentum may fade as the Rate of Change (ROC) falls to 0.00, suggesting a possible trend reversal or consolidation.
These developments lend credence to the overbought conditions seen by the stochastic RSI, indicating that bears may be gaining market control and prompting traders to consider taking gains or establishing short positions.
Even if the Fisher Transform is advancing above its signal line, it is doing so in the negative territory, suggesting a possible reversal to the bearish side of the trend. This downward trend could mean sellers are gaining ground, and prices are expected to continue falling.
DPR/USD chart (source: TradingView)
DPR’s bullish run may be ending, with indicators pointing to a trend reversal hence traders should consider taking profits and preparing for potential bearish movements.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
The post DPR’s Bullish Momentum Falters Amidst Trend Reversal Fears appeared first on Coin Edition.