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- 1 DYDX crypto price slipped below the 20 day EMA mark.
- 2 Buyers are losing momentum and are trying to hold the $3.00 mark.
DYDX Shows Retracement on Daily Chart
On the daily chart, the DYDX token showed a refusal from the round mark of $4.00 and started to form lower lows in the last sessions. Moreover, the technicals indicate that the DYDX token registered a range breakout above $2.60 and a golden crossover was witnessed on the chart. Furthermore, the token sustained above the 38.2% Fibonacci retracement zone and is trying to scratch the 50% zone.
The RSI curve stayed near 50 showing neutrality formed a negative divergence indicating a profit booking scenario.
The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting a negative outlook.
Weekly Charts Shows Rejection From 100 Day EMA?
On the weekly chart, the DYDX token showed a rejection from the 100-day EMA mark. Furthermore, the price action shows that buyers tried their best to surpass the supply zone of $4.00. Meanwhile, a false breakout was witnessed and DYDX token started falling in a profit booking spree.
Summary
DYDX token showed a false breakout near $4.00 and a doji candlestick formed there, afterwards the token started losing gains. Moreover, the token showcased the lower lows formation. However, the DYDX token is trying to hold the 20-day EMA mark and is looking for a pullback.
Technical Levels
Support Levels: $3.00 and $2.70
Resistance Levels: $3.40 and $4.00
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
