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It has earlier been noted that the DYDXUSDT market has been riding a strong tailwind. This perceived tailwind has grown significantly stronger since yesterday’s trading session. Although at this point there appear to be some signs of exhaustion, most indicators emerging from the market still suggest that bullish momentum may still be very dominant in this market.
Key dYdX Statistics:
Current DYDX Value: $4.071
DYDX Market Cap: $737,067,122
Circulating Supply of DYDX: 183,765,523
Total Supply of dYdX: 1,000,000,000
DYDX CoinMarketCap Ranking: 68
Key Price Levels:
Resistance: $4.071, $4.50, and $5.00
Support: $4.000, $3.500, and $3.000
dYdX Looks Set to Visit Price Region Above the $4.00 Mark
Price action in the DYDXUSDT seems to have found another higher support, as it rebounded upwards of the $3.00 price level in the past two trading sessions. Observing price movements reveals that the market is very volatile. Consequently, the ongoing session has seen another massive price swing.
Nevertheless, the upper and lower shadows on the price candle representing it have revealed some significant price contractions. However, the token keeps trading outside the uppermost limit of the Bollinger Bands. Also, it can be seen that the Moving Average Convergence Divergence (MACD) indicator lines are still trending upwards, while their bars remain solid green.
dYdX Is Facing Rejection at the $4.00 Price Mark
While price activity in the DYDX market has been quite impressive, it cannot be overlooked that price movement is currently facing some challenges. The latest price candle in the dYdX market has arrived bearish, bringing the token to now trade under the $4.00 threshold. Simultaneously, the last bar on the MACD indicator is now pale green while appearing above the $0.00 level.
Consequently, this suggests that upside momentum is being challenged. Nevertheless, the lines of this indicator are still oriented slightly upwards. However, since trading continues above the middle limit of the Bollinger Bands, traders can still hope for price movements to approach the $4.50 mark while placing an exit at a comfortable price level.
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