DuckChain Token (DUCK) — Obscure Memecoin Hits New All-Time High

KEY TAKEAWAYS

DuckChain Token (DUCK) hit a new all-time high of $0.144.
The DUCK price broke out from an ascending parallel channel.
Why did DUCK increase, and how long will the rally continue?

Since its launch in January, the memecoin DuckChain Token (DUCK) has traded in relative obscurity, gradually losing more than 80% of its value.

After a gradual uptrend that has been ongoing since June, the DUCK price broke out yesterday and hit a new all-time high.

Interestingly, no news catalyzed the upward movement.

With that in mind, let’s examine a few charts and determine what lies ahead.

DUCK Price Analysis

The DUCK price had increased inside an ascending parallel channel since the start of June.

After several unsuccessful breakout attempts (red icons), the final one, coinciding with the $0.0063 resistance area, DUCK finally broke out yesterday.

The DUCK price hit a new all-time high of $0.0142, and while it initially failed to close above the $0.0095 area, it did that today.

Currently, the DUCK price is attempting to move above its previous highs.

If successful, the price could hit the 1.61 external Fibonacci retracement at $0.017.

DUCK/USDT Daily Chart | Credit: Valdrin Tahiri/ TradingView

Momentum indicators are extremely overbought but do not show any weakness yet. The Relative Strength Index (RSI) is above 70, and the Moving Average Convergence/Divergence (MACD) is positive.

The readings suggest that the upward movement may continue since neither has generated any divergence.

What’s Next for DUCK?

While it’s difficult to determine the price trajectory of parabolic upward movements, the wave count hints at where the DUCK price will go next.

According to the count, the DUCK price completed a wave one leading diagonal and has now started a parabolic wave three.

Wave three already had the same length as wave one and could extend to reach the 1.61 level, as often happens with wave three.

DUCK/USDT 12-Hour Chart | Credit: Valdrin Tahiri/ TradingView

If that is the case, DUCK could hit a new all-time high of $0.020 before a significant retracement, part of wave four.

In any case, the upward movement is not done yet, and the DUCK price is likely to reach a new all-time high before the end of the year.

Final Thoughts

The price analysis suggests DUCK still has room to run before its next pullback, with momentum pushing toward new highs.

If the wave count remains valid, the upward movement could continue until the end of the year.

The first area for a local top is at $0.020, created by a third wave extension.