DYDX Price Action Retains Bearish Characteristics

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RESULTS

Even after DYDX experienced some upside price recovery of 4.90%, there are signs that price action may still fall to lower support. Also, it appears as if the current gain in this market hasn’t been of significant effect. This inference comes from the fact that applied trading indicators aren’t showing enough encouraging signs yet. However, let’s take a closer look at price developments in this market to see what’s in there for traders.

DYDX Analysis Data:
dYdX value now: $2.042
DYDX market cap: $320,944,762
dYdX moving supply: 156,256,174
DYDX Supply: 1,000,000,000
DYDX Coinmarketcap ranking: #102

Major Price Levels:
Top: $2.100, $2.200, and $2.300
Base: $2.042, $2.000, and $1.920

Headwind Triggered in the DYDX Market After a Modest Profit of 4.90% Was Recorded

Prices in the daily DYDX/USD market seem to have started a new session on a bearish note. This could be seen as a dash red price candle appeared for the ongoing trading session. Nevertheless, trading activities are still occurring below the 9- and 21-day EMA lines. Meanwhile, the MACD indicator seems to be telling that downside momentum is weakening. The mentioned opinion is drawn from the appearance of the last histogram bar on the MACD. The bar now appears pale red, which indicates a weak momentum. For what it’s worth, traders still need more confirmation to know the direction of price action in this market.

DYDX Looks Ready to Trend Downwards

On the 4-hour DYDX/USD market, it appears as if the price may fall lower. Trading activities in this session could be seen as a dashed red price candle. Furthermore, trading activities continue to occur under the EMA lines. Additionally, it could be seen that the red dashed-shaped red price candle for this session has fallen below the previous green ones. Also, the lines of the MACD indicator have drawn closer to each other, but are now moving sideways in what appears to be a failed upside crossover. Therefore, traders can anticipate that prices in this market may fall to $1.925 price level.

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