For some time now, Dash 2 Trade bulls have been gathering momentum around the $0.019 and the $0.02 price levels. The period of intense struggle for the price at this level is responsible for the indecision that we see in the market now. A number of traders are willing to take their profit around the $0.02 price level, but because the market went into consolidation near the major resistance level, the bulls have the upper hand and the probability that the market will break to the upside became high. And that is what is now happening in the market.
Key Levels
- Resistance: $0.035, $0.040, and $0.045
- Support: $0.017, $0.016, and $0.015
Dash 2 Trade (D2T) Price Analysis: The Indicators’ Point of View – Bears May Also Be Gathering Momentum for a Comeback
The bull market broke out on February 28 with a very significant and increasing bullish move. This bull run took the market above the $0.03 price level, and the buyers are trying to stabilize themselves above the price level. However, the resistance level is also in the $0.03 price zones which explains the strong price rejection that we are seeing at this point in the market. The strong bearish counter-move has influenced the Bollinger Bands indicator, as we see the strong divergence of the bands. The last candlestick on the chart is a spinning top candlestick. It is both a sign of strong indecision and a sign of a possible trend reversal. The hyper–bullish move may have triggered the supply zone for action.
D2T/USD Short-Term Outlook: (1-Hour Chart)
From this perspective, however, the bull market still seems strong as the price channel is in an uptrend. Also, according to the Bollinger Bands indicator, the volatility appears to be reducing and the bull market seems to be settling down as they find a support level at $0.03. The resistance level, for now, appears to be at $0.032. At this point, the market may go into a consolidation trend before we see another bullish action.
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