DYDXUSDT May Bounce Off Resistance at the $2.97 Price Mark

DYDXUSDT has gathered some moderate profits over the past four trading sessions. But at this point, it seems that price action is ready to retrace off a strong resistance at $2.97. Let us further examine this market to know how best to anticipate things.

dYdX Analysis Data
DYDX value now: $2.94
dYdX Protocol Market Cap: $461,961,389
dYdX Moving Supply: 156,256,174
DYDX Total Supply: 1,000,000,000
dYdX CoinMarketCap ranking: 94

Major Price Levels:
Top: $2.94, $3.25, and $3.50
Base: $2.80, $2.60, and $2.40

dYdX (DYDX) Are Showing Signs of Weakness

Considering the signs on trading indicators on the DYDXUSDT daily chart, there are mixed indications that price action may not keep rising upwards. The last price candlestick here is still green, which indicates that buyers are winning and pushing the price to $2.94. However, the Stochastic RSI indicator lines are now touching at the tip for a bearish crossover. At the same time, the MACD indicator lines are still rising above the 0.00 level, which suggests that buyers are still fighting to keep pushing prices upwards.

Bears Continue to Color dYdX (DYDX) Outlook

On a DYDX chart for a shorter time frame, bears are getting more pronounced. A bearish price candle has just appeared here. However, the size of this price candle seems inconsequential at this point as trading indicators are not reflecting it yet. Both the lines of the MACD and the Stochastic RSI keep trending upward. Also, price activities keep occurring above the MA of the Bollinger Bands indicator, and this suggests that price action may keep rising unless price action can retrace below the mentioned MA. Consequently, it seems that traders can still anticipate a further price increase in this market. However, caution must be taken, and an entry should be placed at $3.00 to catch the trend if it continues.

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