DYDX/USD Price Action Stays Mostly Bearish

DYDX/USD price movements are bearish in a volatile storm. The price action in the ongoing session has retracted a bit from its downside advancement of 1.09% today. Could this be a sign of better market performance for this coin? Let’s check it out.

DYDX Analysis Data
dYdX Value Now: $2.122
DYDX Market Cap: $322,502,023
DYDX Moving Supply: 156,256,174
dYdX Total Supply: 1,000,000,000
dYdX CoinMarketCap Ranking: 101

Major Price Levels:
Top: $2.17, $2.25, and $2.50
Base: $2.12, $2.00, and $1.85

DYDX/USD Price Movement Looks Bearish Despite the Upside Movement

The DYDX/USD upside retracement on the daily has not offered much help to the price’s upside movement. The past two trading sessions have offered a lot of downward retracements. Even though some moderate retracement can be noticed, the last red price candle seems to have retraced a bit more upwards than the one for the previous trading session. However, the Moving Average Convergence Divergence (MACD) indicator still maintains a bearish tone. This can be seen as the bars of this indicator are growing red in the negative direction. Nevertheless, the Average True Range indicator curve is pointing upwards to indicate a growth in bullish momentum.

dYdX Remains Bearish But Shows Indications of Building an Uptrend

The last price candle in the DYDX/USD 1-hour market is still bearish with a significantly large body. However, considering the MACD, the bars of this indicator are now pale red, which shows that the headwind is reducing. Also, the ATR maintains its upside trajectory, which aligns with the indication from the MACD indicator. Consequently, this suggests that some upside momentum is building up in this market. So despite the headwinds, traders can still anticipate the price reaching the $2.35 mark.

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