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DYDX/USDT is highly bullish as its price action has robustly extended upside retracement after breaking a multi-month resistance at the $2.20 mark. Even at this point, trading indicators favor the token’s price rising through more levels.
Key dYdX Statistics:
Current DYDX Value: $3.31
dYdX Market Cap: $590.21 million
Circulating Supply of DYDX: 183,765,523
Total Supply of DYDX: 1,000,000,000
dYdX CoinMarketCap Ranking: 77
Key Price Levels:
Resistance: $3.31, $4.00, and $4.60
Support: $3.00, $2.50, and $2.00
DYDX/USDT Continues to Print Massive Gains
Recent price movements in the DYDX/USDT daily market have gained significant volatility and bullish momentum, keeping the market bursting through higher price resistance levels. The mentioned volatility has kept DYDX trading above the highest limit of the Bollinger Bands.
The terminals of the Bollinger Bands indicator are widely dilated with respect to the bullish momentum in this market. Additionally, the Moving Average Convergence Divergence (MACD) indicator lines continue trending upwards above the 0.00 level, while the bars of the indicator are solid green. Observing the MACD bars reveals that the momentum is growing stronger, considering the increasing height of these bars.
dYdX Bulls Seem to Be Eyeing the $3.60 Mark
Buyers in the DYDX 4-hour market seem to have a nearby target at the $3.60 price level. The ongoing session signals that buyers are still mounting upside pressure in this market. The price candle representing the ongoing session has printed considerable gains. Looking at the applied Fibonacci Retracement tool, the behavior of price action suggests that downward forces are looking helpless as bulls continue to march deeper into the bears’ court.
Even the Relative Strength Index (RSI) indicator lines show that price action will remain on its upside track, as these lines continue trending upwards following an upside crossover in the overbought region. Therefore, it is logical to maintain the opinion that dYdX may extend retracement towards the $4.00 mark.
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