Market Overview: dYdX/Tether (DYDXUSDT) – 24-Hour Price Action Analysis

• • •

• dYdX/Tether (DYDXUSDT) closed lower at 0.6844 after forming bearish candlestick patterns and experiencing declining momentum in the 24-hour period.
• Price dipped below key Fibonacci support levels, while RSI signaled oversold conditions, suggesting potential for a near-term bounce.
• Volatility increased during the early session, with a sharp selloff from 0.7316 to 0.6845.
• Notional turnover reached a peak during the midday sell-off, but volume diverged with price as the decline continued.
• Key resistance remains at 0.7015, with support likely to hold around 0.682–0.684.

The dYdX/Tether (DYDXUSDT) pair opened at 0.696 on 2025-09-20 at 12:00 ET and closed at 0.6844 on 2025-09-21 at the same time. The 24-hour high was 0.765, while the low reached 0.683. Total trading volume amounted to approximately 15,984,525.74 DYDX, and notional turnover was around $10,864,878.67 (assuming $1 = 1 USDT). The session featured sharp corrections, especially during the early morning hours, as the pair broke key Fibonacci and moving average levels, confirming a short-term bearish bias.

Over the 24-hour period, the price of DYDXUSDT formed several bearish patterns, including a hanging man and a bearish engulfing pattern, particularly evident during the 2025-09-21 09:00–10:00 ET window. These signaled potential exhaustion in the bullish trend and increasing bearish conviction. Key support levels were identified at 0.682 (61.8% Fib of the 0.683–0.7316 move) and 0.684 (38.2% Fib). Resistance levels remain at 0.692 (50% Fib) and 0.7015 (previous 15-minute SMA confluence). The 15-minute 20/50-period moving average crossover shifted bearish as the 50-period SMA crossed below the 20-period during the early selloff.

The RSI reached an oversold level of 26 around 11:45 ET, while the MACD turned bearish with a bearish crossover and negative histogram. This suggests short-term momentum favoring the bears, though RSI overbought readings are not currently a concern. Bollinger Bands showed a notable expansion as the price broke below the 20-period lower band, confirming the breakout in volatility. The price is now near the lower end of the bands, indicating a potential pullback to the 0.682–0.684 support cluster.

The volume profile showed a sharp spike during the 09:30–10:00 ET hour, coinciding with the price dip from 0.7316 to 0.6845. However, as the price continued to fall below 0.69, volume waned, signaling divergences between price and volume that may suggest short-term exhaustion in the downward move. This divergence could support a retest of the 0.682–0.684 support range before the next directional move. The notional turnover mirrored volume trends, with a peak during the 09:30–10:00 ET hour, but a subsequent decline as price dipped below 0.69.

Looking ahead, the next 24-hour period may see a bounce off the 0.682–0.684 support cluster, especially if volume increases and RSI pulls back from oversold territory. However, a break below 0.682 could extend the downward move to the next Fibonacci level at 0.6795. Traders should watch for a potential short-covering rally if the RSI stabilizes and price closes above 0.69. A sustained move above 0.7015 would be needed to re-ignite bullish momentum, but the overall bias remains bearish in the short term.

Backtest Hypothesis: A potential backtest strategy could involve entering a short position on a bearish engulfing pattern or RSI above 50 with confirmation from a 50-period SMA crossover below the 20-period SMA. A stop-loss could be placed above the 15-minute high of the engulfing pattern or above the 50-period SMA, with a take-profit target set at the 61.8% Fibonacci level or the next key support level. The strategy would aim to capitalize on momentum shifts and bearish divergence in volume and RSI, especially during periods of high volatility.