- DYDX token is slipping below significant moving averages.
- Bulls are trying to reclaim above 20 day EMA to hold gains.
DYDX token is still at the horizon level below $3.00, showing a mild bearish outlook. The token still indicates an opposing view, and bears are trying to remain below the congestion zone of $3.00. Bulls persist in holding the range and trying to be in the race.
Buyers were now cautious and trapped based on the price action, which delivered a short buildup by sellers. DYDX token broke the lower trendline, hovers near the support mark, and takes a pause near support showing a loss in momentum.
However, a bounce in token price and a further pullback can be seen here, which could be a trap for sellers.
When writing, the DYDX token is trading at $2.2370 with an intraday gain of 2.64% showing accumulation from bulls. Moreover, the intraday trading volume also jumped by 13%.
Daily Chart formation of DYDX
On the daily chart, the DYDX token broke the lower trendline and traded below the key moving averages. The token suggests upside traction, showing buying from the last three consecutive sessions.
Moreover, the symmetrical triangle pattern was also noted on the chart, and the pattern’s neckline is near $3.00, which is near the 50-day EMA, reacting as a hurdle. If buyers sustain above $2.50, then bulls gain more strength, and a much-awaited breakout can be seen.
Short Term Charts Of DYDX
On the 4-hour charts, the DYDX token sustains above 20-day EMA but faces a resistance of 50-day EMA. However, the sellers need to be accepting buying momentum and accumulation, which was shown but did not persist.
Moreover, the RSI showed a crossover above the neutral mark, which signifies a positive outlook. The MACD curve shows a bullish crossover and green bars on the histogram. Moreover, traction generated by bulls and a momentum pickup by bulls to knuckle the chart from the unchartered territory were noted.
Key Points for DYDX
DYDX token has a trajectory of $3.00 near the mid-Bollinger band, which was the immediate hurdle, and on the lower side, the primary support of $2.00 was the strong support mark for the buyers, which acted as a demand zone.
DYDX token gradually began an up move with the rise in volumes, suggesting that investors are active on the token and making new long positions, resulting in a bounce from the support of $2.00.
Moreover, analysts expect a sharp move based on the recent price action in the upcoming days.
Support Levels: $2.00
Resistance Level: $3.20
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.