dYdX/Tether Market Overview for 2025-11-07

Summary

• DYDXUSDT traded in a 24-hour range of $0.2717 to $0.3298, closing at $0.3278.
• Bullish momentum accelerated post 19:00 ET, with a strong close near daily highs.
• High-volume clusters occurred during 16:00–17:00 ET, confirming late-day buying pressure.

Structure & Formations

dYdX/Tether (DYDXUSDT) experienced a strong breakout from a consolidation phase that formed between $0.2800 and $0.2900. A bullish engulfing pattern emerged after 16:30 ET as the price surged past recent resistance. Key support levels appear at $0.2900 and $0.2750, with resistance now established at $0.3298. A long upper shadow on the 15-minute candle at 16:45 ET suggests rejection at the upper boundary, but the overall move remains positive.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA at 16:00 ET, signaling a short-term bullish shift. On the daily chart, DYDXUSDT has moved above both the 50 and 200-day MAs, indicating a potential longer-term breakout with confirmation from price action.

MACD & RSI

The MACD line turned positive after 15:00 ET and crossed above the signal line, reinforcing the bullish trend. RSI climbed from 40 to 70, indicating overbought conditions by 17:00 ET. However, price continued to rise, suggesting strong conviction among buyers.

Bollinger Bands

Volatility expanded significantly as DYDXUSDT moved toward the upper Bollinger Band, peaking at $0.3298. The asset closed near the upper band, indicating a possible continuation of the bullish trend or a reversal if a rejection occurs.

Volume & Turnover

Volume surged during the final three hours of the 24-hour window, with a total volume of ~9.45 million DYDX and turnover of ~$2.45 million. Notably, the 16:30–17:00 ET period saw the highest turnover, with volume spiking to ~947,544.75 DYDX. Price and turnover aligned, suggesting strong follow-through buying.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute swing show DYDXUSDT recently testing the 61.8% retracement at $0.2900 before breaking higher. On the daily chart, the price has moved past the 61.8% retracement of a prior bearish leg, suggesting potential for a full trend reversal.

Backtest Hypothesis

The backtest strategy described seeks to identify Golden-Cross events using the MACD indicator to trigger long entries. Given DYDXUSDT's recent MACD crossover and bullish momentum, this setup could offer a high-probability entry point if the data feed issue is resolved. However, without historical MACD data, the backtest cannot be validated. A confirmed MACD signal and alignment with Fibonacci and Bollinger Band levels could refine the strategy's effectiveness for this pair.