• Mines of Dalarnia soars for a second consecutive session on Monday,  breaking above the descending trendline.
  • On-chain data shows that DAR's daily active addresses are rising, and Exchange Flow Balance is falling, signaling a bullish move.
  • A daily candlestick close below $0.136 would invalidate the bullish thesis.

 

Mines of Dalarnia (DAR), the native token of a blockchain-based game that combines elements of action, adventure, and strategy with decentralized finance (DeFi), is rising sharply for a second consecutive day on Monday. DAR, which soared by 57% over the weekend, is breaking above the descending trendline, signaling a bullish move ahead. Rising daily active addresses and a negative spike in exchange floor balances further suggest that the current rally still has some way to go.

 

Mines of Dalarnia price shows potential for a rally ahead

 

Mines of Dalarnia surged 57% on Sunday, retested, and faced resistance by the descending trendline (drawn by joining multiple daily close levels from mid-March). On Monday, it trades higher by 23% at $0.241 at the time of writing, breaking above the descending trendline, which signals a bullish move ahead.

 

If DAR breaks decisively above the descending trendline and closes above the weekly resistance at $0.238, it could rally 25% to restest its March 13 high of $0.299.

 

The Relative Strength Index (RSI) on the daily chart has spiked over 75, well into overbought levels. When the indicator enters overbought territory (+70), investors should stop adding to their long positions but keep existing long positions open since the asset price could still go higher. The Awesome Oscillator (AO) is on its way to flip above its neutral level of zero. For a bullish move to sustain, both momentum indicators should stay above their neutral levels. 

DAR/USDT daily chart

DAR/USDT daily chart

 

Santiment's Exchange Flow Balance index shows the net movement of tokens into and out of exchanges. A positive spike indicates an inflow of tokens onto exchanges, suggesting selling pressure from investors. Conversely, a negative spike indicates an outflow of tokens from exchanges, indicating less selling pressure from investors.

 

In DAR's case, the Exchange Flow balance declined from 40,283 to -3.42 million from Saturday to Sunday. This large negative spike generally suggests a decrease in selling activity.

 

In the same period, the supply on exchanges declined 2.5%, from 141.89 million to 138.46 million. This drop in supply indicates that investors are moving DAR tokens off exchanges to their wallets, decreasing the selling pressure. This is a bullish development, which further denotes investors’ confidence in the Mines of Dalarnia.

DAR Exchange Floor Balance and Supply on Exchange chart

DAR Exchange Floor Balance and Supply on Exchange chart

 

Additionally, Daily Active Addresses index data, which helps track network activity over time, aligns with the bullish outlook noted from a technical perspective. A rise in the metric signals greater blockchain usage, while declining addresses point to lower demand for the network.

 

In DAR's case, Daily Active Addresses rose by 10% in one day, the highest since August 2. This indicates that the demand for DAR's blockchain usage is increasing.

DAR Daily Active Addresses chart

DAR Daily Active Addresses chart

 

Despite the bullish thesis signaled by both on-chain data and technical analysis, the outlook will shift to bearish if DAR's daily candlestick closes below the $0.136 daily support level. This scenario could lead to a 26% crash to retest its August 5 low of $0.099.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin Weekly Forecast: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin trades in the green and hovers above $105,000 on Friday after hitting a new all-time high of $109,588 on Monday. CryptoQuant’s weekly report highlights that the demand for BTC from large investors surges as US President Donald Trump takes the Oval Office. 

More Bitcoin News
Dogelon Mars pumps more than 85%, whales dump 128 billion coins and realize a profit

Dogelon Mars pumps more than 85%, whales dump 128 billion coins and realize a profit

Dogelon Mars price continues its rally on Friday after rallying more than 18% this week. On-chain data shows that ELON whale wallets realized profits during the recent surge. The technical outlook suggests a rally continuation of the dog-theme meme coin, targeting double-digit gains ahead.

More Cryptocurrencies News
XRP lose steam, risks 20% decline despite Donald Trump's presidential executive order

XRP lose steam, risks 20% decline despite Donald Trump's presidential executive order

XRP investors realized over $500 million in profits in the past 48 hours. Short-term holders are responsible for most of the selling activity following CME's clarification on XRP futures. XRP could decline nearly 20% to $2.62 as bulls show signs of exhaustion.

More Ripple News
Crypto market outlook 2025: PayFI report highlights AI and Memecoins as key sectors to watch

Crypto market outlook 2025: PayFI report highlights AI and Memecoins as key sectors to watch

The global cryptocurrency market was sent agog this week as US President Donald Trump’s inauguration triggered a flurry of bullish catalysts. As traders navigate the volatile market trends, a Foresight ventures’ market outlook report shows key sectors to watch in the weeks ahead. 

More Cryptocurrencies News
Bitcoin: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin (BTC) trades in the green and hovers above $105,000 on Friday after hitting a new all-time high of $109,588 on Monday. CryptoQuant’s weekly report highlights that the demand for BTC from large investors surges as US President Donald Trump takes the Oval Office.

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP