The DYDX cryptocurrency has gone through many ups and downs, but recently, the bulls have taken control. The bulls have survived despite several bearish attempts to drive the market down, and they now need to get ready for the bears’ next move. Thus, investors must remain cautious and monitor the market closely to determine whether the bears will regain control or the bulls will continue to push the price higher.
The price of DYDX is currently $2.73, up 6.53% during the intraday trading session, while the price of the DYDX/BTC pair is 0.00008843 BTC, up 4.44% over the last 24 hours. Bears must move rapidly to get the price back to their region since the bulls have pushed it up to their court. The primary resistance level is $3.29, and if the bulls continue their upward trend, the price could reach the secondary resistance level of $3.92. However, if the bears regain control, they could push the price down to the primary support level of $2.45 and even the secondary support level of around $1.88.
The trading volume of DYDX has increased by 47.32%, indicating that the buying pressure is increasing while the short-selling pressure is decreasing. The volume-to-market cap ratio is currently at 0.2436, and sellers must work harder to achieve their desired targets.
The Technical Analysis of DYDX
The technical indicators show that: The RSI is in the overbought zone indicating strong buyer dominance. The current RSI is 58.49 and the average RSI is 51.31. The sellers might attempt to enter the trade The price is moving above the 20,50,100,200 Days of Daily Moving averages. The MACD and MACD indicator had collided giving a positive crossover.
Conclusion
The DYDX coin has experienced significant volatility but is currently seeing an upward trend due to the bulls’ efforts. However, the bears are likely to regroup and attempt to push the price down, and investors should be prepared for potential market fluctuations. The trading volume has also increased, indicating stronger buying pressure. However, the technical indicators suggest that the RSI is in the overbought zone, and the DYDX price is moving above the 20,50,100,200 Days of Daily Moving average.
Technical Levels
Support Levels:$2.45 and $1.88
Resistance Levels: $3.29 and $3.92
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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/2023/04/15/dydx-price-prediction-will-bears-strike-back/