The price prediction of the DYDX crypto shows that the price has been volatile over the charts in recent times and contracting its lower and upper range of trading as the price follows an ascending triangle pattern. The bulls and bears are having a tough fight but none of them dominating the trend.
Both the bulls and bears are trying to defend their zones by adding more volumes as the price nears it. The bulls are trying to step up the support level and follow a trendline as a support. On the other hand, bears are trying to defend an upper horizontal level of $2.27.
The daily chart shows that the price has some more room for movement until it contracts enough to decide a dominating trend. The price might hover in the range for some more time before deciding on a further trend.
The DYDX price has slipped below the key moving average of 50 and 200-day EMA. The daily chart shows that the price has suffered multiple rejections from the 200-day EMA indicating the bears’ presence at the upper levels. The bulls must surpass the EMA to dominate and pump the prices.
dYdX Price Prediction Using Price Action Strategy
The DYDX price currently trades at $1.94 and is forming an ascending triangle pattern over the daily chart.
Analysts observe that the price trend might remain indecisive until it maintains itself in the triangle pattern. The price may remain volatile and hover in the zone until either side decides to dominate.
The dominance of buyers may trigger a breakout and the stock may show an uptrend and reach upper levels.
Also, the breakdown of the trendline support may invite more sellers to enter the market and drag the price to the lower levels.
DYDX Price Forecast from Indicators’ Point of View
As per the EMA analysis, the DYDX price is trading below the key moving averages, 50 and 200-day EMA, indicating a short-term dominance of sellers in the market.
RSI has made a negative crossover of the SMA line indicating bearishness in the market. The RSI value is 41.47 and that of the SMA line is 50.01 indicating a consolidation in the price.
MACD lines are showing a bearish crossover. Also, histogram bars are being formed below the mean line of increasing height indicating bears dominating in the short term.
Conclusion
The DYDX price is trading in a narrow range, forming an ascending triangle pattern on the daily chart. The price is below the 50 and 200-day EMA, facing resistance from the bears. The price may remain volatile until it breaks out or breaks down from the triangle. A breakout could lead to an uptrend, while a breakdown could trigger a downtrend. The price is currently at $1.94, with an upper horizontal level of $2.27 and a trendline support. DYDX’s price needs to decide on a dominant trend soon.
Technical Levels
- Support levels: $1.82 and $1.54.
- Resistance levels: $2.27 and $2.61.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/09/dydx-price-prediction-2023-can-dydx-witness-a-short-term-gain/