After the bearish occupation of the $0.03 price level, they attempted to occupy the $0.029 price level with the aim of aborting the bullish recovery. However, this only resulted in a price consolidation that forced the market to move between the narrow channel of $0.029 and $0.027 price levels. The D2T buyers mounted pressure on the resistance level and are finally rejecting the bearish occupation at the $0.029 price level.
Key Levels
- Resistance: $0.060, $0.065, and $0.070
- Support: $0.020, $0.0025, and $0.030
Dash 2 Trade (D2T) Price Analysis: The Indicators’ Point of View
According to the Bollinger Bands indicator, after the rejection of the bullish market at the resistance level at the $0.03 price, a strong bearish move followed. However, it did not last as traders began to buy at around the $0.029 price level. Although the support level was strong, the market entered a gridlock situation, pegging the price at that level for a while. The lower standard deviation curve and the 20-day moving average catch up with the market at its stagnant position before we begin to see encouraging activities in the bull market, as buyers reach out for the $0.03 price level. The low volume of trade may be a contributing factor to the bullish hindrance.
Dash 2 Trade Short-Term Outlook: (1-Hour Chart)
From this vantage point, the Bollinger Bands indicator depicts the market moving sideways within a very narrow price channel. The struggle between demand and supply is having no effect on the Bollinger Bands. This may be due to the low volume of trade and minimal interest among traders at the moment, subjecting the market to a price consolidation trend. Despite this fact, the market leans in favor of the bulls. The price action is above the moving average, and hopefully, as the volume of trade increases, we will see the market moving in an uptrend.
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