Constellation (DAG) surges 20%, faces resistance at $0.05
- The price of Constellation (DAG) surged by 20% within 24 hours before encountering resistance.
- The price hit a five-month high of 0.05 USD, which acted as resistance.
- A potential price correction could bring DAG back to 0.04 USD or 0.035 USD.
- Network activity increased, but overall interest remained subdued.
Strong Price Surge in DAG – What’s Next?
On November 18, the cryptocurrency Constellation (DAG) experienced an impressive 20% price surge, reaching a five-month high of 0.05 USD. This level previously served as support in the first quarter of 2024 before becoming resistance in the second half of the year. However, despite the initial buying pressure, momentum seems to be fading, as indicated by a long upper wick formation in the price charts.
Will the Price Surge Stall?
A look at the daily price charts shows that buyers are encountering resistance at 0.05 USD. This level already posed a hurdle in May 2024, when the price was rejected after a recovery. If this scenario repeats, the price could fall back to 0.04 USD or even 0.035 USD. These levels served as important support in May.
However, there are also signs that the price may still have room for another rally. The On-Balance Volume (OBV) indicator shows that trading volume is not yet exhausted. If DAG breaks through the resistance at 0.05 USD, late buyers could re-enter the market, speculating on price targets of 0.05 USD or even 0.07 USD. These levels could potentially yield gains of 35% to 77%.
Network Activity Increases
The recent price rally of DAG was accompanied by a rise in network activity. The number of active addresses nearly doubled, although this only amounted to about 20 addresses. Interestingly, there was also a slight increase in new addresses, but this quickly tapered off. This suggests that not many users entered the DAG market due to fear of missing out (FOMO).
Limited Market Interest as a Barrier
The subdued market interest could be a barrier to a sustained rally beyond the 0.05 USD mark. Without a significant increase in market participants, the buying pressure may not be sufficient to overcome the resistance.
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Our Assessment
The recent price surge of DAG shows that there is still potential for short-term gains, especially if the resistance at 0.05 USD is broken. However, buyer exhaustion suggests that a correction is more likely. For late buyers, pullbacks to 0.04 USD or 0.035 USD could offer interesting entry points. Nevertheless, the low market interest remains a risk factor that could influence the further development of the price.
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