In the last 24 DAI has traded as low as $0.9983 and has a high of $1.00 with a trading volume of $346,720,030. Dai has a market capitalization of $6,822,198,083 and a max supply of 6,818,363,255 where Coinmarketcap has ranked it as #12. The top exchanges that Dai is traded on are Binance, Huobi Global, Coinbase Pro, Kraken, and Bitfinex.
The bulls have tried pushing the price above $1 but have so far failed. The key resistance is seen at $1.0250 while the support lies at $0.9900.
Source: Coin 360
The overall market bullishness has helped Dai to remain in the green for the second consecutive day, with top coins Bitcoin and Ethereum trading on a bullish momentum The price is trading above $1.0094but the bulls have not been able to push it beyond $1.0250. The key support lies at $0.9900, and as long as the price is above this level, there is a possibility of it moving higher.
Source: Trading View
The RSI indicator is currently at 49.90, and this indicates that the market is neither overbought nor oversold. The MACD indicator is also moving sideways, which is a sign that the market could consolidate in the near term.
The MACD line is seen intersecting the signal line, which is a bullish sign. Meaning if the MACD line manages an upward direction, it could signal that the buyers are in control.
Out of the 26 indicators, 4 show a buying signal, 8 neutral and 14 sell signals. The oscillators show 2 buy signals, 7 holds, and 2 sell signals The moving average shows 2 buys, 1 hold, and 12 sell signals.
Looking at the 4-hour chart, we see that the price has formed a descending triangle pattern. This is a bearish pattern and is typically seen as a sign of further downside. The price could potentially break below the $0.9900 support level and head towards the $0.9750 level.
However, if the bulls take control, we could see the price breaking out of the triangle pattern and heading towards the $1.0250 resistance level. Above this level, the next resistance lies at the $1.0500 level.
The overall market mood is bullish, which has helped Dai to remain in the green for the second consecutive day. However, the bulls have not been able to push the price beyond $1.02509
Dai seems to have found some support near the $0.9900 level and it is currently trading in a consolidation phase. The price needs to break out of the $1.0250 resistance level to move higher. Above this, the next resistance lies at the $1.0500 level. On the downside, if the price breaks below the $0.9900 support level, it could head towards the $0.9750 level.
The market mood is bullish, and this could help Dai move higher in the near term. However, the price needs to break out of key resistance levels to continue its upward momentum.
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