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Bearish resistance seems very strong at the $2.00 price level. On November 4, the dYdX market aimed at breaking the $2.000 level but was rejected. This happened again on the following day, the bullish price gets rejected again. The continuous bullish price rejection at the $2.000 price level made many investors go short, as a result of this, the price eventually hit $1.300. This was where the strong bullish market formed support for the trend that bounces the market back to $2.000. In two days (yesterday and today) the price is back at $2.000 with very strong bullish moves.
dYdX Market Price Statistic:
- DYDX/USD price now: $1.97
- 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
Key Levels
- Resistance: $2.00, $2.10, $2.20
- Support: $1.50, $1.30, $1.10
dYdX Market Price Analysis: The Indicators’ Point of View
The Bollinger band continues to portray the price channel as ascending, although the steep fall of the price (which could have made the channel change direction to the downside) rather makes the band widen out a bit. This is because the bullish price is quick to recover after the rejection at the $2.00 resistance level. However, the progress of the bullish price now seems pegged at the current price, more buyers are needed if the $2.00 must be captured.
DYDX/USD 4-Hour Chart Outlook
The market from this point of view reveals that the difficult price level might still be formidable. Bullish price opens the first 4-hour session of today with a very strong move. But as the price nears the resistance level it pulls back. And this is the case with the three sessions we’ve had so far in today’s market. The bullish move loses momentum as they approach the resistance. We can still say the resistance level will be broken because the MACD histogram is green. The greenness of the histograms has not faded yet. As long as it is green, it signifies bullish activities.
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