dYdX (DYDX) Posts Fragile Gains

The dYdX market has moved upward by 5.41%. However, the price of the token remains below critical technical levels. Nevertheless, this doesn’t imply that something more significant can’t emerge from this market. In that respect, let’s take a more thoughtful look at its price action below.

dYdX Statistics

Current Price: $0.1935

Market Capitalization: $158.19M

Circulating Supply: 813.31M

Total Supply: 1B

CoinMarketCap Rank: 177

Key Levels

Resistance: $0.2000, $0.2500, $0.3000

Support: $0.1900, $0.1750, $0.1500

DYDX Modest Gains Stay Fragile

While price activity in the dYdX market has been running downwind for a significant length of time, the ongoing session has offered an opposition to that. Despite this, trading in this market remains below the ceiling at the 9-day Exponential Moving Average (EMA) curve.

At the same time, the Stochastic Relative Strength Index (SRSI) indicator lines are rising steeply upward from the oversold zone of the indicator. This seems in response to the ongoing session. As such, this market may still edge a bit higher.

dYdX Eyes the $0.2000 Threshold

Looking at the same token via a 4-hour price chart, it appears upside forces are well grounded for more upside movement toward a psychological resistance at the $0.2000 price level. Here, the market has edged upward through the 9-day EMA.

At this point, the corresponding price candle to the current session stands above the 9-day EMA curve. Also, the SRSI indicator lines can be seen to have reached high into the overbought region at such a modest price increase. Technically, this points out that the upside movement may be short-lived, and the $0.2000 price level may offer resistance to the market.

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