First, there could be a large (potentially ) forming, with price is testing the support line at the bottom of the triangle.
But there is also a Downwards channel that I have identified, with 3 false breakouts that I circled. Using this structure, a bounce to retest the top of the channel may also be in order. Since the channel is going downwards, a break below it is more likely than a break up.
Lastly, the price of bitcoin seems to have a significant impact on the price of this coin. Sometimes it is helpful to use the DAO to hedge against bitcoin . But last time bitcoin's price dropped, so did DigixDao's. This time may be different... we shall see :)
***Definitely not trading advice***
Price has been hovering around the lower support/resistance line for a while.
This could later prove to be the bottom, and we rocket upwards to 34k and then 38k
Or Digix could simply break lower to the next support, which I think is less likely.
I would place stops around 28k sats
Those looking for an entry should enter if / when we break 31k sats.
Tip: You can set alarms on Tradingview to notify of price changes