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- 1 dYdX price (DYDX) currently trades at $1.93 with an intraday gain of 2.66%.
- 2 dYdX price shows a sideways trend at the moment.
- 3 The daily chart of DYDX shows the formation of an ascending triangle pattern.
The DYDX crypto price has shown a lot of volatility lately and has been narrowing its trading range as it follows an ascending triangle pattern. The bulls and bears are in a tight contest but none of them have a clear edge.
Both the bulls and bears are adding more volumes to protect their zones as the price approaches them. The bulls are trying to maintain the support level and follow a trendline as a support. The bears are trying to resist an upper horizontal level of $2.28.
The daily chart shows that the price still has some space to move until it reaches a point where it has to choose a direction. The price may stay in the range for some more time before breaking out or down.
The DYDX price fell below the key moving average of 50 and 200-day EMA. The daily chart shows that the price has faced multiple rejections from the 200-day EMA, which shows the strength of the bears at the higher levels. The bulls need to overcome the EMA to take control and push the prices higher.
dYdX Price Prediction Using Price Action Strategy
The DYDX price currently trades at $1.93 and it is trying to recover above the lower trendline support. Sellers have made an attempt to drag the price from $2.28 to $1.83. Now it’s time for buyers to accumulate and ensure the price to the upper levels as none of the sides are dominating.
The DYDX price might be trapped in the range as there is some space for the price to move in the zone. Hence, the price trend might remain indecisive for some more time until an imbalance is created on the other side.
The imbalance might trigger either a breakdown or a breakout which might decide the next trend for the crypto.
DYDX Price Forecast from Indicators’ Point of View
As per the EMA analysis, the DYDX price charts show frequent crossover of price and chart indicating a sideways trend at the moment with none dominating the trend.
RSI has made a negative crossover of the SMA line indicating bearishness in the market. The RSI value is 44.88 and that of the SMA line is 46.96 indicating a consolidation in the crypto price.
MACD lines are showing a bearish crossover. Histogram bars are also being formed below the mean line of increasing height indicating weakness as per the signal.
Conclusion
The DYDX crypto price is volatile and follows an ascending triangle pattern. The bulls and bears are in a close fight that adds more volume to defend their zones when the price nears their zone.
The price may remain in the range until it makes a breakout or breakdown. The price is below the key moving averages and faces rejections from the 200-day EMA. The bulls need to surpass the EMA to take over. The price is at $1.93 and tries to recover above the lower trendline support. Sellers have tried to pull the price down from $2.28 to $1.83.
Technical Levels
- Support levels: $1.83 and $1.55
- Resistance levels: $2.28 and $2.65
Disclaimer
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 or stock comes with a risk of financial loss.
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