Upon meticulous examination of the D2T/USD market from a comprehensive perspective, it becomes apparent that the prevailing trend favors the bears, as evidenced by the succession of lower highs. Nevertheless, amidst this trend, the support level at $0.0045 remains resolute, with bearish attempts failing to breach this level since March 13. Consequently, the market is poised for a potential rally. Indeed, there are already fleeting bullish movements observed, as the price is currently testing higher levels.
Key Levels to Watch:
- Resistance: $0.015, $0.016, $0.017
- Support: $0.004, $0.0035, $0.003
Dash 2 Trade (D2T/USD) Price Analysis: The Indicators’ Point of View
The price action of D2T/USD observed on the 4-hour chart indicates the formation of a falling wedge triangle pattern. Notably, both the trendline delineating the slant resistance level and the trendline representing the $0.0045 price threshold are converging at the pivotal $0.0045 level. This convergence suggests a diminishing bearish momentum with an increasing bullish sentiment. Such a market dynamic often serves as a precursor to a bullish reversal signal.
Presently, the market appears to be in a state of equilibrium, as evidenced by the Relative Strength Index. However, it is reasonable to anticipate a continuation of bullish momentum in the near term.
D2T/USD Short-Term Outlook: 1-Hour Chart
On a shorter timeframe, there is a noticeable upward movement in the market, albeit encountering initial resistance near the $0.0050 level. This resistance level appears to attract a notable presence of bearish traders. However, bullish intervention is notable around $0.0049, aligning closely with the 20-day moving average.
Should both demand and supply persist at this juncture, it’s conceivable that the market might undergo a period of consolidation before potentially resuming its upward trajectory.
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Could this be driving the increased attention for #Chainlink?
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