DYDXUSDT Bounces off the $2.00 Mark

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RESULTS

The DYDXUSDT market sharply corrected toward lower levels in recent trading sessions. One might have thought that the coin could break the $2.00 support level considering the volatility in the market. However, the market changed direction as soon as it hit the mentioned support level. Let’s try to understand the price dynamics of this coin from this point on.

dYdX Statistics:
Current DYDX Value: $2.15
DYDX Market Cap: $988,648,685
dYdX Circulating Supply: 464,677,529
DYDX Total Supply: 722,022,077
dYdX CoinMarketCap Rank: 80

Key Price Levels:
Resistance: $2.50, $3.00, and $3.50
Support: $2.00, $1.50, and $1.00

DYDXUSDT Trades Above the $2.00 Support Level

Upside forces in the DYDUSDT daily market have been able to sustain trading activities above the $2.00 mark. It can be seen from the price chart that the price action seemed to have dipped slightly but quickly returned above that mark.

The current session has printed enough gains to keep the corresponding price candle in contact with the first green Guppy Multiple Moving Average (GMMA) curve, while the Stochastic Relative Strength Index (SRSI) lines still have an upside trajectory. Nevertheless, the minor deflection seen in its leading line suggests that the trend is still vulnerable.

DYDXUSDT Bulls Are Securing Their Grip

In the DYDXUSDT 4-hour market, it can be seen that the price activity has risen past all of the green GMMA lines. This suggests that the earlier deflection seen in the SRSI indicator may not cause much damage. While the market maintains an upward trajectory at this point, it is observed that the SRSI indicator lines recently delivered a bullish crossover in the overbought zone of the indicator.

The ensuing lines have an upside trajectory. However, considering the volatility, it doesn’t seem that the market may journey significantly upward. It is safe to say that traders hoping to utilize bullish crypto signals here can keep their target around the $3.00 mark.

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