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- 1 DWAC Stock (NASDAQ: DWAC) surges 50% in a single day.
- 2 Digital World Acquisition Corp stock price attempts to break the $20.00 hurdle.
- 3 DWAC share price holds the 50-day EMA showcase the short-term trend is bullish.
DWAC stock price (NASDAQ: DWAC) surges 50% in a single day and attempts to break the $20.00 hurdle level. It formed a giant bullish candle and engulfs the losses of the past 6 months.
Digital World Acquisition Corp stock prices consolidated over the past five months in the range between $12.00 to $15.00. Recently, due to a short squeeze, prices broke the higher range and expanded upward.
DWAC share price holds the 50-day EMA and succeeds to break out of the 200-day EMA. It shows the initial signs of a bullish trend reversal. DWAC stock price attempts to break the $20.00 hurdle level but the confirmation is still awaited.
The recent up move hit a high of $25.85 but buyers were unable to hold the higher levels and witnessed profit booking on the intraday session.
DWAC stock price is facing rejection from the $25.00 which turnout as a strong hurdle for the bulls. It will be interesting to see how prices react in the coming weeks.
DWAC Stock price closed the previous sessions at $20.08 with an intraday rise of 50.30%. The market capitalization stands at $747.19 Million.
Short squeeze triggered in DWAC Stock
DWAC Stock Price showed a surprising rally and broke the major hurdle levels. From the beginning of January, Dwac stock price tried multiple times to climb above the 50-day EMA but got rejected.
It keeps on falling by forming lower low swings and trading with a bearish bias. The recent up move looks speculative and prices are likely to lose momentum on higher levels.
Till the DWAC stock price holds $16.00, the short-term trend will remain bullish. However, the prices have rallied a lot so it might spend some time in consolidation.
On the other hand, if the price drops below $16.00 then the up move will be considered as a trap for bulls.
Dwac Stock Price showed the biggest intraday move
Dwac Stock Price showed the biggest intraday rise in the year 2023. However, it lacked fresh buying so the probability of holding the higher levels remains low.
The MACD curve displayed a positive crossover and the histogram bar is on rise. It indicates bullishness and prices likely to trade with positive bias for some more time. The RSI at 83 reached overbought territory denoting short-term correction is possible.
Conclusion
DWAC stock price (NASDAQ: DWAC) surges 50% in a single day but the move is speculative. Therefore, the possibility of holding the higher level remains low. The technical analysis suggests that DWAC share price is bullish for the short term.
Technical levels
- Resistance levels: $22.00 and $25.00
- Support levels: $16.00 and $14.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
