On reaching the $0.534 resistance price level, the Dash 2 Trade bear market was triggered. Within a very short time, the massive selling in the market forced the market below the $0.04 price level. However, at this point, the bear market created an opportunity for some traders to go long as they were able to buy at an affordable price. The bull market is falling back to the $0.035 price level, and from here the market is bouncing back.
- 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—Speculators Still Maintain Bullish Sentiment
While the bearishness was very significant due to the massive selling, the market is still generally in its upward trend. This is well portrayed by the Bollinger Bands indicator. Although the lower bands and the moving average maintain an upward movement, the upper band is recoiling. This is due to the selling pressure. But since the price is salvaged at the $0.035 level, the potential trend reversal is aborted. Also, the Bollinger Bands indicator is portraying the market below the 20-day moving average, but the Relative Strength Index (RSI) measures the momentum at around the midrange of the market, though slightly lower than the equilibrium level.
D2T/USD Short-Term Outlook: (1-Hour Chart)
From the 1-hour chart outlook on the market, the trend has changed. The bear market is quite visible on this chart. However, since the key support level is cutting short the bearish price at the $0.035 price level, the market adopts a consolidation trend as the increase in buying pressure causes indecision. The bull market is bouncing back. Speculations are seeing the next D2T stop at the $0.06 price level with its support level above the $0.05 price level.
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— Dash 2 Trade (@dash2_trade) March 7, 2023
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