Market Overview for dYdX/Tether (DYDXUSDT): Bullish Momentum in 24-Hour Cycle

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• dYdX/Tether (DYDXUSDT) closed at 0.6706, up from 0.6198, with a 24-hour high of 0.6793 and low of 0.6170.
• A clear bullish breakout from key support at 0.6237 confirmed by strong volume in late ET hours.
• RSI and MACD show sustained bullish momentum with no immediate signs of overbought conditions.
• Volatility has increased, with Bollinger Bands widening from 0.62 to 0.67 range.
• Fibonacci retracements suggest 0.6700–0.6750 as a probable consolidation zone.

The dYdX/Tether (DYDXUSDT) pair opened at 0.6198 on 2025-09-17 at 12:00 ET and closed at 0.6706 on 2025-09-18 at 12:00 ET, with a high of 0.6793 and a low of 0.6170. Total volume for the 24-hour window reached 12,103,075.87, and turnover amounted to approximately 7,979,200.00 USD. The price action suggests a strong bullish trend, with the pair breaking above a key support-turned-resistance zone around 0.6237–0.6260, now providing a short-term floor.

Structure and price action indicate a bullish continuation with key support levels identified at 0.6237, 0.6198, and 0.6170, while resistance sits at 0.6472, 0.6541, and 0.6664. A significant bullish engulfing pattern emerged between 19:30–20:30 ET, confirming the breakout. A doji appeared around 21:00 ET, suggesting short-term indecision but not reversing the overall bullish bias.

Moving averages on the 15-minute chart (20- and 50-period) show a crossover at around 0.6350–0.6380 during the early hours of 2025-09-18, supporting the upward momentum. On the daily chart, the 50-period MA is now below the 100-period MA, indicating a potential shift in medium-term bias, though the current 24-hour surge overrides that signal.

MACD remains in positive territory, crossing above zero around 19:45 ET and maintaining a bullish divergence with RSI in the 50–60 range. RSI has yet to enter overbought territory, suggesting room for further gains. Bollinger Bands have expanded significantly in the last 12 hours, reflecting increased volatility and confirming the breakout. Price has remained above the 20-period SMA within the upper band, indicating strong conviction in the bullish move.

Fibonacci retracements from the recent swing low of 0.6170 to the high of 0.6793 show key levels at 0.6389 (38.2%), 0.6581 (50%), and 0.6702 (61.8%). The current close of 0.6706 aligns closely with the 61.8% level, suggesting a possible consolidation phase or a retest of this level. On the 15-minute chart, intra-day swings indicate similar retracement levels from key 19:30–20:30 ET highs.

Volume and turnover spiked between 19:30 and 20:45 ET, with the largest single candle (19:30 ET) seeing 130,245.12 units traded. This volume confirmed the breakout above 0.6437 and provided further bullish confirmation. No major divergences between price and turnover were observed, suggesting that the move is backed by strong liquidity and participant conviction.

Looking ahead, DYDXUSDT appears to have momentum on its side, with a strong bullish bias likely to continue in the next 24 hours, provided it holds above 0.6650–0.6664. A break of 0.6750–0.6760 would likely trigger further gains, while a pullback below 0.6600 could test the strength of the recent support levels. Investors should monitor RSI for any signs of overbought conditions and watch for divergence between price and momentum indicators.

Backtest Hypothesis
The above analysis supports a backtesting hypothesis that uses a combination of bullish engulfing patterns and golden cross crossovers on 20- and 50-period moving averages to generate long entries. Stops would be placed just below the 0.6237 support level, with initial targets aligned with 61.8% Fibonacci retracements at 0.6702–0.6750. This strategy aligns with observed momentum, volume confirmation, and key support/resistance structures, making it well-suited for short-term traders in a bullish environment.