Following the dominance of the bearish trend in the D2T/USD market, observed at the $0.0068 price level on March 10, a substantial decline ensued, breaching several support levels. Nonetheless, the bearish momentum encountered persistent resistance at the $0.005 support level. Consequently, a state of equilibrium was established between bulls and bears around this pivotal level, leading to a sideways price movement.
Key Levels to Watch:
- Resistance: $0.015, $0.016, $0.017
- Support: $0.004, $0.0035, $0.003
Dash 2 Trade (D2T/USD) Price Analysis: The Indicators’ Point of View
The sideways consolidation of the D2T/USD price at this level presents a favorable indication for bullish sentiment, suggesting that the market is unlikely to breach this support level and may instead trend upward. However, the ongoing rally attempt in the Dash 2 Trade market faces notable bearish pressure, resulting in a sideways price movement as it contends with this pressure. Presently, the Bollinger Bands indicator, which previously depicted a downward-trending price channel, now reflects a sideways-ranging price movement, indicating intervention by bullish forces at this specific price level.
Currently, the price action has converged with the 20-day moving average. Despite initial attempts to continue in an upward direction, the price action has stalled, potentially leading to a reduction in trading volume. This consolidation phase may strengthen the support level as a result.
Dash 2 Trade Short-Term Outlook: 1-Hour Chart
From the perspective of the smaller trading chart, the market has been consolidating around the $0.005 price level for a considerable period. This sustained consolidation indicates that, following the downtrend, the market has found support at this level, suggesting a potential rally. Notably, the price action has remained above the 20-day moving average, albeit within a narrow price channel. However, the latest candlestick indicates that the bullish market is encountering resistance near the $0.0051 price level. It is anticipated that this resistance will be overcome soon, potentially initiating a bullish rally in the market.
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