DYDX is trying to bounce back and the price is above the 50 moving average and trying to break the 200 MA.
The price data of the crypto shows that it is in a huge downtrend in the long term. However, investors have already suffered a massive loss of 92% loss of their invested assets, which has shattered their hopes for this crypto.
Dydx plunged by -92.12% from its all-time high of $27.86 in two years. The current market sentiment is very negative about the Dydx crypto. It seems that there is no demand for the DYDX lately. Crypto needs a strong catalyst to break out of this bearish trend and attract new buyers.
DYDX Technical Analysis
The price of Dydx crypto has broken the 50-day MA and is moving toward the 200-day MA, but the trend is uncertain because the price is between 50 and 200 days MA. However, if the bulls keep pushing the price up, the crypto’s value may rise further in the next week but the sellers are not ready to surrender power to buyers right now.
The RSI value is currently 63.47 points. The 14 SMA line is above the middle line, around 51.41 points which shows bullish momentum in the market. The price is moving toward the overbought zone.
The MACD indicator is also heading to a positive zone indicating the rise in price. The MACD line at 0.04561480 and signal line at 0.01810486 is above the zero line.
The super trend indicator gives a green signal, confirming the bullish mood. This implies that DYDX is likely to maintain its upward trend, providing potential opportunities for traders and investors.
Volume Analysis
DYDX’s average trading volume for the last 24 hours is $81482723. It is showing a 57.90% increase in volume in a day. The lack of buying interest in the crypto market is the primary reason behind its decreasing volume.
Summary
DYDX is recovering from the current support level. If the price can surpass the 200-Day resistance level, it could indicate the beginning of a bullish trend in the near future. However, Dydx’s price is still unclear at the moment. Meanwhile, important technical indicators like EMA, RSI, and MACD are bullish about the DYDX.
Due to the bad performance of the coin, investors are reluctant to invest in it right now. Investors and traders should wait for the ideal setup before taking any action. They should also watch the market trends and news closely to spot any potential opportunities or risks.
Technical Levels
- Support Level – The current support levels are $1.801 and $1.487.
- Resistance Level – The current resistance levels are $2.250 and $2.531.
Disclaimer
The research given in this article is for informative and educational use only. Do not take this information as a financial or trading recommendation. Trading and investing have financial risks. Before creating any investment or trading decision, please consider your risk profile and circumstances.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/17/dydx-price-prediction-will-dydx-break-the-200-moving-average/