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- 1 The DRIP Network price showcased bearishness and is hovering near the demand zone.
- 2 Technical indicators are suggesting a breakdown ahead.
The DRIP token price signified a massive bearish engulfing candlestick and delivered follow-on selling momentum in the past sessions. Additionally, the aggressive selloff pushed the token toward its crucial support zone of $0.01400. The trend is bearish, and the sellers persist in showing dominance and are willing to push the token toward $0.01000 soon.
At press time, the Drip Network token (DRIP) price was trading at $0.01453 with an intraday drop of 1.71%, reflecting neutrality on the charts. It has a monthly return ratio of -80.10% and -97.90% on a yearly basis. Analysts are neutral and suggest the DRIP price may face a selloff and may soon retest the demand zone of $0.01200.
The DRIP token price has retested the neckline support zone of $0.01300 multiple times and has succeeded in acquiring a bounce. However, the 100-day EMA mark acted as a major rejection zone for the past weeks and persisted in trading below it.
The DRIP price is trading below the key moving averages and depicts a downtrend on the charts. Despite the range breakout, the token did not extend the bullish waves and has witnessed a trap, which led to a massive down move of over 45% this month.
Technical Analysis
On the daily charts, the token has delivered selling pressure and has witnessed bear dominance for the past weeks. Moreover, the trend is bearish, and a breakdown below the neckline of $0.01200 can soon be anticipated. The price action shows a bearish momentum, and buyers are staying on the back foot and in panic.
The Relative Strength Index (RSI) curve stayed in the oversold region and witnessed a negative crossover on the charts. Moreover, the MACD indicator shows a bearish crossover and underperformance on the charts.
For weeks, the Drip Network token price has fluctuated between $0.02300 and $0.03000, and it succeeded in escaping the zone. However, when the breakout rally glimpsed on the charts, sellers took it aggressively and pushed it sharply.
Per the Fib levels, the token is on the verge of the 23.6% zone, signifying a bearish trend. The token persisted in delivering volatile swings and has sharply taken a U-turn, which led to an erosion of over 50% of gains this month.
Summary
The Drip Network token price has faced a sharp reversal and has breached the downside support zone of $0.01500. Moreover, the token is riding on a bearish track and may soon retest the demand zone of $0.01000.
Technical Levels
Support Levels: $0.01300 and $0.01100
Resistance Levels: $0.01700 and $0.02000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
