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DYDX price surges by 7% as traders look forward to September 24 major announcement
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The key $0.600 support remains strong, while resistance at $0.665 caps the current upside
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Trading volume surges 90%, signaling a stronger conviction for a potential rally ahead
dYdX has returned to the spotlight following confirmation that a major announcement would be made today, September 24, 2018. The news comes as the price of the decentralized derivatives trading exchange token is on a steep rise.
Traders are showing renewed interest in DYDX, which has risen nearly 7% over the last 24 hour to trade at around $0.6474. The sudden surge is not only a sign of a change in momentum, but also sparks speculation as to whether the upcoming announcement will drive the next leg up.
Key technical levels driving momentum
After consolidating near the floor, the price structure has shown signs of strength. The $0.600-$0.607 area has been a constant support, cushioning multiple declines. This zone is now a short-term support, giving bulls the confidence to push higher. DYDX’s breakout was confirmed when the price cleared $0.620.
The token is currently facing a critical resistance zone between $0.660 and $0.665. Sellers have already tested the zone, slowing down the advance. Many traders are watching for a decisive break above the range to unlock a path towards $0.70.
The trading volume tells a similar story to the price action. The daily trading activity increased by 90%, indicating a strong belief in the upward trend. This kind of spike often precedes further rallies and suggests that more gains are possible.
Early Bullish Indicators
Momentum indicators are aligned with the bullish tone. However, they are showing a measured strength. MACD has recently turned positive, hinting a possible momentum shift. The histogram is still close to zero and shows that the conviction is still growing.
The Relative Strength Index also remains near 53. The neutral reading indicates that neither overbought or oversold conditions exist. The indicator has recovered from the low 40s, giving traders a reason to be optimistic.
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