The $2.00 price level has been proving difficult for a couple of days now. The dYdX bullish trend was recently knocked down after a 2-day price tussle at that same resistance level. The price rejection which led to a brief bear market was met with strong support as buyers were able to hold their ground at $1.3. This was the price level at which the bulls were able to over-runs the market. Bulls market was back at the $2.00 price level on November 11 and continued struggling at the level on November 12. Buyers break the price away from that level in today’s market
dYdX Market Price Statistic:
- DYDX/USD price now: $2.47
- DYDX/USD market cap: $27,904,921
- DYDX/USD circulating supply: 65,569,295.00
- DYDX/USD total supply: 1,000,000,000
- DYDX/USD coin market ranking: #156
- Resistance: $2.50, $3.00, $3.5
- Support: $1.50, $1.30, $1.10
dYdX Market Price Analysis: The Indicators’ Point of View
Now, the bullish price faces another resistance at the $2.50 price level. And there is another price tussle at this level again. However, the higher number of traders ready to buy the crypto at this level is what is keeping the price pegged at its current position. In the Bollinger band, the upper band has more divergence than the lower band. The implication of this according to the indicator is that there is a possibility for the market going the bearish way. The lower band is supposed to move upward as the upper band and the moving averages are already responding to the market behaviour. However, this noncompliance of the lower band may just be the result of yesterday’s serious price struggle that gave us a spinning top candlestick pattern.
DYDX/USD 4-Hour Chart Outlook
From this smaller time frame, we can see that the lower band of the Bollinger responds to the market’s upward movement. But as the market approaches the $2.5 resistance, the struggle between demand and supply continues to intensify. The result of this in the Bollinger is that though the upper and lower band moves upper levels, the bands are moving slightly far apart from each other. If the buyers can continue to hold their ground at this level till the day’s session be over, the market may range sideways at this level. Another possibility is that the bulls may find higher support for a re-capture attempt of the resistance.
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