DPR’s Strong Momentum Takes a Hit Amidst Fears of Trend Reversal

Deeper Network (DPR) shows bullish momentum in the last 24 hours, bears fail to drive prices lower

Over the past 24 hours, Deeper Network (DPR) has experienced a persistent bullish momentum, as the support level of $0.007469 has prevented any attempts by bears to drive the price lower. However, buyers have been unable to push the price higher than the previous day’s high of $0.007582, resulting in a slowdown of the upward momentum. Nevertheless, the bullish run was still in effect at the time of publication, leading to a 0.32 percent increase to $0.007512.

If the current bullish run manages to break through the 24-hour high, the next resistance level of $0.008 could attract additional buyers and lead to higher prices. However, if market sentiment suddenly shifts, triggering a decrease in price before any possible recovery, the support level of $0.007 could be temporarily tested. During the upswing, DPR’s market capitalization rose by 0.57% to $12,781,389, while 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, resulting in a rise in market capitalization.

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.

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.

In conclusion, DPR’s bullish run may be ending, with indicators pointing to a trend reversal. Traders should consider taking profits and preparing for potential bearish movements. However, readers must do their research and due diligence, and any action taken is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

Martin Reid

Martin Reid

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