The Constellation (DAG) price remains stuck in a moderate correction. DAG/USD price started to recover as the coin entered 2022. However, a descending trendline is interrupting any bull run trying to regain higher highs.
The source-Tradingview
Historical performance
During Q3 2021, the parabolic rally of the DAG coin entered a correction phase. This moderate pullback brought the price down to the $0.14 mark, showing a loss of about 70% from the all-time high ($0.462).
DAG price gained enough demand from this bottom support ($0.14) and started a fresh rally. However, the price rose to the $0.24 mark, facing stiff resistance from the upcoming resistance trendline, pushing the coin price back lower.
Descending trend offers 23% discount for Constellation (DAG) Price
Source-Tradingview
Rejecting the $0.24 resistance, DAG price plummeted to the $0.18 support, losing about 23% of its value. For almost two weeks, the coin price has been hovering above this support, trying to garner sufficient demand.
If the DAG price attempts to recover from this $0.18 level, then coin buyers must also break above the descending trendline, to resume its upward momentum.
At press time, the DAG price is currently trading at $0.186, with an intraday loss of 1.27%. Furthermore, the 24-hour volume change is $1.4 Million, showing a loss of 11.52%. According to coinmarketcap, the token comes in at 180th place with a current market cap of $243.5 billion (+1.26%).
Technical analysis
DAG price slipped below the 200 DMA again, indicating a downtrend. Combined with the $0.18 horizontal level, the 50 DMA is attempting to sustain a rally.
The moving average convergence divergence shows that the MACD and the signal line are continuously approaching the neutral zone (0.00) from above. If DAG price breaks out of the $0.18 support, these lines will cut below the midline, providing further confirmation of a selling opportunity.
The 4-hour RSI chart shows a bullish divergence, suggesting a better bullish reversal.
- Resistance levels- $0.24 and $0.287
- Support levels- $0.18 and $0.14