DYDX/USDT Picks Up From Higher Support: Charges Towards a Short-Term $2.20 Resistance Mark

Azeez Mustapha

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DYDX/USDT had earlier challenged the resistance price mark at $2.220. Nevertheless, the upside momentum died out, and its price action had to settle just above the $2.00 mark.

However, price action in this market seems to have picked up from where it settled, as its price action moved up by 6.16%. Will the resistance of $2.20 be overcome this time around?

DYDX Statistics
dYdX Value Now: $2.150
dYdX Market Cap: $333,971,634
DYDX Circulating Supply: 156,256,174
DYDX Total Supply: 1,000,000,000
dYdX CoinMarketCap Ranking: 98

Major Price Levels:
Top: $2.150, $2.200, and $2.250
Base: 2.100, $2.050, and $2.000

DYDX/USDT Picks Up From Higher Support: Charges Towards a Short-Term $2.20 Resistance Mark

dYdX Bulls Regains Consciousness

Price action in the DYDX/USDT price on the daily market has pumped by 6.16%, as earlier stated. The question that begs answering now is how far the gain in momentum may take prices in this market. The last price candle on this chart is positioned, as it were, to say that price action has found support at the $2.05 price level.

Additionally, it could be seen that price action in this market has been at this level for about six trading sessions but lacks the push to move as it has in this session. Furthermore, it could be seen that the Moving Average Convergence Divergence indicator curves are about to perform a crossover above the 0.00 level.

Also, the appearance of the last bar of this indicator suggests that the crossover may eventually occur. Consequently, this will deliver more upside thrust to price movement.

DYDX/USDT Picks Up From Higher Support: Charges Towards a Short-Term $2.20 Resistance Mark

DYDX/USDT Is Striving to Stay on Track Toward a Resistance Price Mark

In the DYDX/USDT 4-hour time frame, it could be perceived that bulls have started facing headwinds. Consequently, this seems to threaten upside ambitions in this market. The last price candle here has pushed the upper limit of the Bollinger Bands.

As a result, the wick of this candle is now appearing as prices declined from $2.150 to $2.145. Nevertheless, the MACD indicator maintains that upside momentum is still available in this market. This can be observed as a green bar spontaneously showing up above the 0.00 mark of the indicator.

Also, the lines of this indicator only recently delivered an upside crossover, and at this point, this curve seems to be more upside-facing. Consequently, traders can still hold on to their upside prediction of $2.250.

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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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