DYDXUSDT May Bounce Off Resistance at the $2.97 Price Mark
Login

DYDXUSDT May Bounce Off Resistance at the $2.97 Price Mark

Estimated Reading Time: 2 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



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) May Bounce Off Resistance at the $2.97 Price Mark

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.

dYdX (DYDX) May Bounce Off Resistance at the $2.97 Price Mark

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.

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