Downtrodden bulls face a critical test as relentless selling pressure breached the previously resilient $0.003 support level. Since the last analysis of D2T/USD, following their intervention around the $0.0029 price level, the bulls have been making efforts to rally the price. The key question remains: Can the Dash 2 Trade bulls muster the strength needed to recapture lost ground? We will analyze the current price activities on the chart to address this question.
Key Levels to Watch:
- Resistance: $0.015, $0.016, and $0.017
- Support: $0.0020, $0.0018, and $0.0017
Dash 2 Trade Price Analysis: The Indicators’ Point of View
Initially, the bulls were resilient at the $0.003 price level. However, their ambition to propel the price upward to $0.0035 was short-lived as they failed to establish a higher support level around $0.0032. This failure led to the price breaking below the key support level of $0.003. The bulls intervened at $0.0029, and since then, the price has been consolidating, with $0.003 acting as resistance.
Currently, the Bollinger Bands indicator is contracting, signaling that the D2T/USD market is about to take a clear direction. The price action is aligned with the 20-day moving average, making it challenging to predict the market’s next move. Patience and continuous observation of the developing trend are necessary.
D2T/USD Short-Term Outlook: 1-Hour Chart
In the 1-hour chart, the Bollinger Bandwidth has narrowed, creating a tight price channel as the price action ranges sideways around the $0.0029 level. Recently, the bands have converged further, forming an even narrower bandwidth. This convergence indicates a standoff between demand and supply, leading to reduced trading volume and market volatility. Typically, this pattern is expected to precede a breakout.
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