Home Analytics of crypto Price Collapsed Over the Past Week to Form a Hill, Low Net Change

Price Collapsed Over the Past Week to Form a Hill, Low Net Change

by admin

Crypto News

Founded back in 2017 by ex-Coinbase and Uber engineer Antonio Juliano, dYdX is a foremost decentralized exchange offering perpetual, margin, & spot trading, as well as borrow/lend pools on Ethereum. Let us look at the technical analysis of dYdX.

Past Performance

The DYDX opened on 5th October 2021 at $23.47. The price increased and then decreased across the week to close at $23.58 on 11th October 2021. The percentage change was about 0.4%.

Price Collapsed Over the Past Week to Form a Hill

Source: https://www.tradingview.com/x/E1Oz4GHv/

DYDX Technical Analysis

The price increased and then decreased over the past week to form a hill, and the net change in the price was very less.

Currently, dYdX is trading $22.3, which is 5.47% down. The price is on a downtrend right now and is expected to take support at $21.

OBV is showing that the selling pressure is dominating the buying pressure. This means that the downtrend is likely to continue and traders may take a short position.

RSI is currently at 45.84% and is on a downtrend. This is again a bearish signal, showing that dYdX traders may take a short position now.

MACD is showing no divergence from the price chart. The slow line is taking over the fast line, which is a strong selling point. The traders may take a short position at this time.

Day-Ahead and Tomorrow

The chart has crossed the fib level at $22.65. DYDX is now expected to hit the level at $21.71.

Thus, the signals are bearish and traders may take a short position by placing a stop loss at $21. However, a trend reversal can also be seen once the chart hits the support at $21.



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