As the bull market aggressively approaches the $0.02 price level, a reprisal response is triggered from the supply line. This led to a brief period of deadlock at the $0.016 price level. Dash 2 Trade bulls eventually retreated in the third 4-hour session of today’s market. Another contributing factor to this price retracement is the fact that, due to strong bullish price movement, the market ventured into overbought territory.
Key Levels
- Resistance: $0.019, $0.020, $0.025
- Support: $0.010, $0.076, $0.005
D2T/USD: The Indicators’ Outlook
The Bollinger bands indicator still maintains its bullish sentiment. However, the supply line is catching up, and the price is approaching the equilibrium level of the market. Currently, bullish activity is setting the stage for a price rally. The RSI indicator measures 52 for the market’s momentum with its recoiling curve—a sign of bullish activities. The bull market is bouncing back and ready for more action.
Dash2Trade Short-Term Outlook: Bullish Recovery (1-Hour chart)
From this standpoint, we see how the Dash 2 Trade demand line wears out the bearish pressure. The bears are now giving way as the bulls continue to push the price to the upside. However, the volume of trade is low. The bullish price will see a spike as the volume of trade increases. Before the next daily session, the price of the market should reach the equilibrium point of the market, which is $0.01558.
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A thread 🧵
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— Dash 2 Trade (@dash2_trade) January 24, 2023
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