In the previous daily session, the bulls formed a new price zone at around the $0.0113 price level. This gave them the strength to stop the bears from driving the market to the downside. However, due to the intense struggle, the bulls did not make much progress with the price. This is because the resistance line has shifted to $0.0116. This increases the proximity between the support level and the resistance level, thereby creating a deadlock situation.
- Resistance: $0.019, $0.020, $0.025
- Support: $0.010, $0.076, $0.005
Dash 2 Trade (D2T) Price Analysis: The Bulls are Ready for Action
Because the price of D2T now moves in such a narrow channel as this one, we see that the Bollinger Bands indicator is now responding to this with the contracting bands. The two market forces are becoming evenly matched. The bulls are becoming stronger, and they are catching up with the bears. Considering the indicators used for this analysis, the sellers have a bit of an upper hand as the indicator lines range slightly below the midpoint level. The buyers, however, are doing well to salvage the price from further decline.
D2T/USD Short-Term Outlook: Bullish Price Recovery in Progress (1-Hour Chart)
From this market outlook, the price action is moving along with the 20-day moving average of the Bollinger Bands indicator and the two standard deviation curves are converging. This indicates an intense tug-of-war between buyers and sellers that is resulting in a gridlock situation in the market. As the market recovers, the buyers need to deal with the strong resistance level before they push the price to the upside.
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