The D2T/USD market underwent an extended period of sideways consolidation around the $0.0042 price level. However, as we entered the month of November, the market exhibited a breakout to the upside, setting its sights on the $0.0060 price level. Despite the initial strong bullish momentum, bearish forces converged around the $0.006 price point, leading to a retracement back to $0.0048. It’s noteworthy that the market has since exhibited a gradual recovery from this support level, aiming to achieve the $0.006 price target.
Key Levels
- Resistance: $0.010, $0.011, and $0.012.
- Support: $0.004, $0.003, and $0.002.
Dash 2 Trade (D2TUSD) Price Analysis: The Indicators’ Point of View
In the early stages of the D2T/USD bull market, while the bullish candlesticks displayed a robust bullish presence, the presence of long upper shadows also indicated that the bearish sentiment initially had a responsive role, but the bulls maintained control. Presently, the $0.006 price level has stabilized, and the price action is consistently forming higher lows, shaping an ascending wedge triangle. This candlestick pattern implies that the bearish position around the $0.006 price level is under pressure and may eventually yield to the advancing bulls, paving the way for further upward price movements.
D2T/USD Short-Term Outlook: 1-Hour Chart
Upon examination of the 1-hour chart, it becomes apparent that as the market approached the $0.006 price level, it encountered a notable resistance at approximately $0.0056. The equilibrium between supply and demand is evident, with candlesticks exhibiting a period of relative stability around this level. Currently, the price has retraced to the 20-day moving average, suggesting a potential consolidation phase at this juncture. This consolidation phase may precede a renewed bullish effort to propel the market into the $0.006 price range and potentially higher.
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