Summary
• Price action shows a bullish reversal pattern near key support at 0.1945 with strong follow-through.
• RSI indicates moderate momentum, nearing overbought territory as price climbs.
• Bollinger Bands expand during late ET hours, highlighting increased volatility.
• Volume surges coincide with price break above 0.2000, confirming bullish strength.
•
may test 0.2136 resistance, with 0.2128–0.2150 as critical next-range area.
Market Overview
At 12:00 ET–1, dYdX/Tether (DYDXUSDT) opened at 0.1985, reached a high of 0.2146, touched a low of 0.1934, and closed at 0.2132 by 12:00 ET. Total volume over 24 hours was 6.04M, with notional turnover of $1.11M.
Structure & Formations
Price found strong support at 0.1945 after a bearish breakdown attempt, forming a bullish reversal pattern. A 5-minute doji appeared at 0.1954, suggesting indecision before a retest. On the daily chart, 0.2136 marks a recent 61.8% Fibonacci retracement level, now acting as resistance.
Moving Averages
On the 5-minute chart, price has consistently remained above the 20- and 50-period SMAs since retesting support. Daily MAs suggest a shift in trend, with the 50-period SMA crossing above the 100-period line to confirm a bullish bias.
MACD & RSI
The MACD line crossed above the signal line near 0.2000, confirming a bullish move. RSI climbed to 62–67, indicating strong but not overbought momentum. Divergence remains limited, suggesting continued directional bias.
Bollinger Bands
Volatility surged late in the session as Bollinger Bands widened, with price reaching the upper band at 0.2146. This expansion aligns with the breakout above key psychological levels and may indicate continuation or consolidation ahead.
Volume & Turnover
Volume and turnover spiked at 14:45 and 16:00 ET, confirming the 0.2000–0.2136 rally. Price and turnover moved in tandem, indicating institutional or large-scale participation.
Looking ahead, a test of 0.2136–0.2150 is likely. A break above 0.2150 could trigger further upside, but a close below 0.2090 would raise bearish concerns. Investors should remain cautious and monitor volume during the next 24-hour window.
Comments
No comments yet