Dash 2 Trade (D2T) bull market came across a strong roadblock at $0.0195 in the previous daily session, and as a result of this, the aggressive bull run needed to settle for a price consolidation after the strong demand line aborted the bear run at $0.017. Currently, the price moves around $0.18, and the narrowness of the price channel increases as the two forces get even.
- Resistance: $0.019, $0.020, and $0.025
- Support: $0.010, $0.0076, and $0.005
Dash 2 Trade (D2T) Price Analysis: The Indicators’ Point of View
Looking at the way the Bollinger Bands indicator illustrates the price channel, we noticed that the ascending price channel appears to be changing its pattern of movements to a sideways movement. Also, as the proximity between the resistance level and the support level increased due to the degree of indecision in the market at the moment, we noticed the two bands converging. The Moving Average Convergence and Divergence (MACD) supports a bearish sentiment as the negative histograms show signs of active selling in the market. However, the bear market has not yet crossed the demand line of $0.17, implying that it does not yet control the market. Also, according to the Relative Strength Index (RSI), the market is still in the bullish zone.
D2T/USD Short-Term Outlook: (1-Hour Chart)
The 1-hour point of view reveals the intensity of the struggle for the market at this point in time. According to the Bollinger Bands indicator, the two bands illustrate how close the support level is to the resistance level. The compression of the bands seems to have reached its climax, and we should expect a breakout. For now, it may be difficult to point out the next direction of the market as indicator lines from the Relative Strength Index and the Moving Average Convergence and Divergence measures intersect at the borderline between the bulls’ territory and the bears’ territory.
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— Dash 2 Trade (@dash2_trade) February 27, 2023
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