DYDXUSDT Breaks Below Key MAs, Bearish Crossover Confirmed

Summary
• Price opened at $0.1168 and closed at $0.1107 after a broad descent, forming bearish engulfing patterns.
• Volatility spiked during early morning ET, with a 5.6% low in turnover divergence signaling weakening demand.
• RSI dropped into oversold territory below 30, while MACD showed a bearish crossover late in the session.
• Key support levels appeared near $0.1120 and $0.1090, with volume surging at recent breakouts.

Market Overview

At 12:00 ET, dYdX/Tether (DYDXUSDT) opened at $0.1168 and closed at $0.1107, reaching a high of $0.1194 and a low of $0.1096. Total volume over the 24-hour period was 5,228,014.38, with a notional turnover of $583,872.33.

Structure & Formations

Price action displayed a broad breakdown from prior consolidation, with bearish engulfing patterns emerging after key resistance levels at $0.1140 and $0.1160 failed to hold. A doji near $0.1120 at 03:45 ET signaled indecision, while a long lower shadow at $0.1096 suggested short-term support.

Moving Averages

On the 5-minute chart, price broke below the 20- and 50-period moving averages, reinforcing a bearish bias. For the daily chart, the 50- and 200-period averages are likely in a bearish crossover, which could continue to weigh on sentiment.

Momentum Indicators

RSI reached oversold territory (28) during the early hours, suggesting potential near-term bounce. However, MACD posted a bearish crossover during the session’s close, indicating weakening bullish momentum. The divergence between price and RSI during the morning low suggests caution.

Volatility and Bollinger Bands

Volatility expanded sharply during the early morning hours, with price reaching the lower Bollinger Band at $0.1096. The contraction in band width around 02:00 ET suggests a consolidation period before the breakout. Price remains near the lower band, which may trigger a retest of key support levels.

Volume and Turnover

Volume surged near key support at $0.1100 and $0.1096, with the largest turnover spike occurring around $0.1096 at 07:15 ET. Turnover began to diverge slightly during the morning lows, indicating weakening conviction from sellers.

Fibonacci Retracements

On the 5-minute chart, the 61.8% retracement level of the prior bullish swing fell near $0.1120, which acted as a short-term floor. For the daily chart, the 50% and 61.8% retracement levels may serve as potential resistance and support if a reversal forms.

Looking ahead, price may test the next key support near $0.1090 or retrace toward $0.1120–$0.1130. However, bearish momentum remains intact, and a breakdown below $0.1096 could open the door to further downside. Investors should monitor volume and RSI for signs of reversal or exhaustion.