After experiencing a 9.32% decline in the previous month, Destra [DSYNC] has started to bounce back, showing an 18.27% increase in the past week. The recent rally gained momentum in the last 24 hours, with the asset spiking by 27.23%.
Market indicators suggest that there is still room for upward movement for DSYNC.
Analysis conducted by CryptoCrypto reveals that the recent uptick in performance of the asset is mainly due to traders injecting liquidity into the market despite prior slowdowns.
Approaching a Potential New Peak
Breaking out of a bullish triangle pattern, DSYNC has recently surpassed a horizontal support line at $0.2870, along with a descending resistance line. This breakout serves as an initial indication of a potential rally.
For the positive momentum to persist, DSYNC must surpass a crucial horizontal resistance level at $0.41026. If this barrier is overcome, the asset could target the pattern’s peak at $0.540.
The strength of the breakout will be determined by whether the candlestick closes convincingly above this resistance level.
Should the momentum continue, DSYNC could not only exceed its previous peak but also extend its climb towards the $0.60 to $0.70 range, signaling a clear continuation of the bullish trend.
Influx of Liquidity Boosts Destra Cryptocurrency
DSYNC has experienced a significant increase in liquidity flow, further bolstering its upward trajectory.
At the time of assessment, the Money Flow Index (MFI), which monitors market sentiment by tracking the flow of liquidity based on price and volume, exhibited a steady rise.
The MFI stood at 48.68 and was steadily ascending, approaching the bullish threshold above 50. Surpassing this level would confirm the prevailing positive sentiment surrounding DSYNC.
Similarly, the Relative Strength Index (RSI), which assesses price momentum and market trends, indicated a bullish outlook. The RSI was comfortably situated in the bullish zone, registering a reading of 61.20.
With both the MFI and RSI signaling bullish trends, it is probable that DSYNC’s price will continue its upward movement, with potential for further growth.
DSYNC’s Rally Gathers Momentum
The recent surge in DSYNC’s price is supported by a substantial increase in trading volume, rising by 90.64% to $12.54 million.
A simultaneous uptick in both price and volume typically signifies strong buying pressure, indicating that the asset is likely to uphold its upward trend.
If the volume surge aligns with the price uptrend, DSYNC has a high chance of advancing further, potentially reaching the significant levels highlighted in the chart analysis.