DYDXUSDT Buyers Make a Fair Re-Entry

DYDXUSDT buyers appear to have made a strong stand against headwinds. The price of the token has increased by 2.63% today, placing the token in the second position on the daily crypto movers list. There are indications on the price chart that suggest buyers may have successfully stopped further price declines in this market.

DYDX Statistics:
Current dYdX Value: $2.810
DYDX Market Cap: $1.09B
dYdX Circulating Supply: 377.82M DYDX
DYDX Total Supply: 691.51M DYDX
dYdX CoinMarketCap: 2293

Key Price Levels:
Resistance: $2.810, $2.900, and $3.00
Support: $2.800, $2.700, and $2.600

DYDXUSDT Bulls Resurface Above the 61.80 Fibonacci Retracement Level

For about 5 trading sessions, price action in the dYdX market has been consistently bearish. This brought the market below the Fibonacci Retracement level of 61.80. However, today’s session, which happens to be the sixth session, seems to have started in a new direction as buyers respond with a re-entry.

As a result, the price of the token has started rising above the Guppy Multiple Moving Average (GMMA) curves. Likewise, the Moving Average Convergence Divergence (MACD) indicator lines have desisted from delivering a bullish crossover and have started trending sideways at this initial point. Therefore, we can at least say that the market has broken its downtrend.

dYdX Price Action May Clinch a Significant Upside Extension

Coming to the DYDXUSDT 4-hour market, we can see that the market may extend further upwards. A new session has begun, with bulls already taking the lead. A close look at the corresponding price candle for the ongoing session shows that the price candle has a lower shadow, while the upper one seems absent. This shows that buyers are exerting a significant amount of pressure in the ongoing session.

Likewise, this price candle is now located above the green set of the GMMA indicator lines. Furthermore, the MACD indicator is at the initial stage of performing a bullish crossover. This suggests that the building momentum may be strong enough to push the market towards the $2.950 mark.

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