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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more



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.

Buy DYDX on eToro

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News