In mid-May, the Dash 2 Trade market, previously bearish, broke below the $0.0035 and $0.003 price levels. The bears continued their push, aiming to break below the $0.0025 price level. However, buying interest increased at this point, and Dash 2 Trade found support at $0.0025, initiating a rally and retracing to $0.003.
This strong bearish momentum has provided investors with a buying opportunity. In recent days and weeks, the market has been oversold, potentially influencing trading decisions and leading buyers to adopt a bullish sentiment, as the market is unlikely to fall below the current support level.
Key Levels to Watch:
- Resistance: $0.015, $0.016, and $0.017
- Support: $0.0020, $0.0018, and $0.0017
Dash 2 Trade (D2T/USD) Price Analysis: The Indicators’ Point of View
The presence of bears around the $0.003 price level is evident, as indicated by two price rejections from this resistance level since May 17. This suggests a bearish bias among Dash 2 Trade traders at this level. However, the chart shows ascending support levels as the bull market retraces to the $0.003 price level. As bullish positions move closer to $0.003, the bears are increasingly under pressure. They may soon capitulate, and breaking this resistance level could trigger a surge in bullish sentiment, potentially driving the market to the $0.004 price level.
D2T/USD Short-Term Outlook: 1-Hour Chart
The substantial bearish reaction around the $0.003 price level is causing the Bollinger Bands to expand. However, since buyers have maintained the market above the 20-day moving average for several sessions, this may encourage more traders to adopt a bullish sentiment. Despite this, the market’s stability around $0.0027 suggests that volatility may decrease, potentially setting the stage for an imminent significant price movement.
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