Where Could DatChat Be Headed?

DatChat Inc DATS shares are trading higher Thursday after the company announced the launch of DatChat Social Network+, a social network focused on expanding the DatChat platform.

DatChat was up 6.32% at $8 at last check Thursday.

DatChat Daily Chart Analysis

• The stock looks to have possibly fallen below the higher low trendline in what technical traders call an ascending triangle pattern.
• The $15 price level held as resistance in the past and may continue to in the future. If the price cannot recover above the higher low trendline, this area may turn into resistance as well.
• The stock has not been around long enough to have a 50 or 200-day moving average, making it tough to analyze the sentiment in the stock. Whether the price is above or below the higher low trendline might be a good place to start in deciding stock sentiment.
• The Relative Strength Index (RSI) has been fading lower the past few weeks and now sits at 45. This shows the stock is now seeing more sellers overall than buyers.

What’s Next For DatChat?

Bullish traders are looking for the stock to climb back above the higher low trendline and resume trading within the ascending triangle pattern. Bulls are then looking to see the stock break above resistance and push higher.

Bearish traders are looking to see the stock continue to trade below the higher low trendline and begin to hold the area as resistance. This could allow the stock to possibly see a further bearish push in the future.

Photo by Marten Newhall on Unsplash