DYDX/USD Spontaneously Recovers from Headwind

Azeez Mustapha

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DYDX/USD price action has spontaneously recovered recent losses after its price increased by 2.71% today. Although price action looks fragile and unpredictable, trading indicators suggest that upside momentum may continue.

DYDX Analysis Data
dYdX Value Now: $2.650
dYdX Market Cap: $336,070,707
DYDX Moving Supply: 156,256,174
DYDX Total Supply: 1,000,000,000
dYdX CoinMarketCap Ranking: 100

Major Price Levels:
Top: $2.650, $2.700, and $2.800
Base: $2.600, $2.500, and $2.450

DYDX/USDT Pumps but Looks Fragile

Price activity on the DYDX/USD market has broken through two levels in the Fibonacci Retracement level. Yet, the last price candle on this chart suggests that price action may be very fragile. This comes from the fact that this candle appears just like a dash with no wicks. However, this price candle has pushed prices considerably beyond the 9-day Moving Average. Nevertheless, at this degree of movement, the Stochastic Relative Strength Index (RSI) indicator has just given a bullish crossover with very little movement upwards in the oversold area. This suggests that more upward price movement may occur.

DYDX Buyers Eye the $2.931

On the DYDX/USD 4-hour market, price action maintains the same characteristics as seen on the 24-hour market. The last price candlestick here remains above the 9-day MA line, and above the price levels of recent trading sessions. Also, the RSI maintains the opinion that upside momentum is still up. This can be observed as the lines of this indicator continue to rise upward following a crossover. Likewise, the Moving Average Convergence Divergence indicator bars seem to have reduced considerably in length and have also turned pale red. Even its lines are now approaching a crossover. Consequently, this suggests that price action may retrace the $2.930 price mark after all.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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