The Dash 2 Trade market has been trending downward since it broke out of the sideways-ranging market that kept its movement along the $0.0119 price level. The market broke out of this deadlock in early June. Since then, bearish sentiments have been driving the market to the downside. But at the $0.008 price level, the market is very likely to turn around.
Key Levels
- Resistance: $0.015, $0.016, and $0.017
- Support: $0.008, $0.007, and $0.006
Dash 2 Trade (D2TUSD) Price Analysis: The Indicators’ Point of View
Since the beginning of June, Dash 2 Trade has been ranging sideways below the 50.00 level, which is the dividing line between the bullish zone and the bearish zone. So far in June, the market has ranged sideways in the bearish zone. However, at the $0.008 price level, the market may be facing growing bullish sentiment that is trapping bears into a price consolidation trend. The price consolidation around this level will strengthen it, making it a support that may turn the market around from there.
D2T/USD Short-Term Outlook: 1-Hour Chart
The market activities, from the perspective of the 1-hour chart, formed a symmetrical triangle pattern in the previous daily session. The climax of the tug-of-war favored the D2T bears, but not for long. The bulls became very responsive to the move, and the expected downtrend was aborted. It is very difficult to predict the next direction of the market with the symmetrical triangle pattern because a breakout, in this case, could go in either direction or even in continuation of the previous ranging trend. The brief price breakout turns out to have only loosened up the tension in the market. Bulls are now back at the key support price level again, and it is looking like the consolidation trend will continue.
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