- DraftKings Stock Price (NASDAQ: DKNG) losing momentum near $26.00.
- DKNG Stock price displayed a golden crossover showing an uptrend.
- Draftkings Stock price sustains above the 50 and 200 day EMA.
DraftKings Stock Price (NASDAQ: DKKG) rallied 24% approx after it broke out of previous swing high hurdle at $21.37. It rises upward forming higher high swings shows prices are in bullish momentum.
DKNG Stock Price performed very well in 2023 and up by 121% on YTD basis. The high returns shows that some genuine investors have turned bullish and are expecting the stock to perform in the long run.
However, the momentum seems to be taking a halt near $26.00 which is acting as a strong hurdle.
DraftKings Stock is trading above the 50 day and 200 day EMA showcase the trend is in upward direction. So, if any minor sell off triggers from the current levels then it will be easily absorbed near $20.00 support.
On May 4, 2023 DraftKings Inc released the quarterly earnings and succeeded to meet the EPS as well as revenue estimates. It triggered the positive sentiment and stock prices breakout of the 52 week high. The breakout looks reliable and $21.37 turned out as a support.
DraftKings Stock Price closed the previous session at $24.51 with an intraday decline of -1.29%. The market capitalization stands at $11.32 Billion.
Will the rally continue in DraftKings Stock?

DraftKings Stock price showed a surprising rally and formed a bullish continuation pattern. The rising upward trendline is acting as an immediate support and buyers are trying their best to keep the price above trendline.
Till DKNG price sustains above $21.00 the prices are expected to remain in the bulls grip and more upward momentum is possible. However, if the price drops below $20.00 then bearish trend reversal might be visible.
On the other hand, if DKNG stock price begins to consolidate in a narrow range then it may be considered as base formation.
The technical analysis suggests, DraftKings Stock price is losing the bullish momentum. Therefore, It might spend some time in the range between $21.00 to $26.00.
What if DKNG Stock Price drops below trendline
DGNK Stock Price formed a Doji candle on a weekly time frame. It shows that sellers are getting active on the higher levels. If the prices drop below the trendline then the possibility of further upward momentum will substantially decrease.
The MACD curve is reversing down and histogram bars are in a decline phase indicating mild bearishness. The RSI at 51 denotes neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
DraftKings Stock Price (NASDAQ: DKKG) rallied 24% after breaking out of previous 52 week high. However, the prices seem to be losing momentum near $26.00 and showing signs of tiredness.
The technical analysis suggests, The rally in DKNG Stock seems over and prices might enter consolidation.
Technical levels
Resistance levels: $26.00 and $28.00
Support levels: $21.37 and $17.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.




