ππ This token has risen 200%, but could have a long way to go!
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Chart #1 - dYdX (DYDXUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
DYDX is the governance token for the non-custodial dYdX decentralized exchange. It has increased by over 200% in the past month, reaching around $3.00.Β
It has also formed a bullish pennant over the last four weeks, meaning there is a good chance it breaks to the upside out of the structure. If it does, the first significant resistance is between $3.25 - $3.40, followed by $4.00 - $4.35.
A break to the downside on the other hand could take the price down to support at $2.20.Β
Decentralized exchange tokens have seen a lot of buying interest over the last few weeks, and I feel DYDX still has a long way to go. Bear in mind that the price was over $20.00 at the end of 2021.
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Chart #2 - ImmutableX (IMXUSDT) 12-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The Gaussian channel is used as a trend-following tool. According to it, IMX has been bullish since $0.53. But the price had moved up so aggressively that IMX has only just recently re-tested $0.94, which is the middle band of its Gaussian channel.Β
Tagging that level came with a significant bounce. So long as prices can close outside of the upper band, the bullish trend should continue.Β
We will use the lower band as our invalidation. If IMX loses that zone, the trend is over.
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Chart #3 - DXY 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The dollar is approaching its first target at 105.63. If it breaches it, the next liquidity zone to watch for is at 107. It is a key zone that also lines up with the 0.5 fib retracement level.Β
Crypto bulls will be looking for a DXY rejection from one of those zones so that crypto can catch a bid.
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Chart #4 - Bitcoin (BTCUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin finds itself at an interesting juncture.
It has dropped nearly $2,000 in the past week, down from $25,000 to $23,300 (support), which has been holding over the past four days. Yesterday, it attempted to break away from the $23,300 area of support but was rejected at $23,900 and pushed back down.
Bitcoin has been in a rising channel structure for five weeks now. And those kinds of structures usually lead prices to break down and out of them. Bitcoin is also currently testing its daily support line. A break below both will likely see bitcoin test support at $21,800 - $22,000.Β
But if BTC manages to rally up, and breaches resistance at $23,900, the next crucial resistance level is at $24,400 - $25,000. If that resistance also breaks, the next one is around $27,000.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 53 today, Neutral.
The highest the index has been over the past seven days is 59, and the lowest is 50.
Overall Market Sentiment (Banterβs Take)
The market is in more or less the exact same place as it was yesterday, and consolidation is likely to continue for another day or two. At that point important economic data will be released (Manufacturing PMI on Wednesday).
Stay safe my friends!
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