That’s exactly what I just did 
You could test your normal atmospheric air with a hygrometer.
But to test your moisture content in the compressed air you would need a pressure dew point monitoring system.
Some desiccant cells will have a paper indicator that’ll turn from Blue to Pink there is also some types of desiccant beads that turn from Blue to Pink.
The other alternative would be to take some brand new dry beads and take your beads out of your desiccant cell,use a thermal imaging camera to see how much of a temperature difference is between the two. it’ll be obvious which ones are wet.
The wet ones Will be cooler because of the latent heat of evaporation that would be occurring.
I have two packs of beads that I rotate every other time I cut.
Edit. I scrolled back through some of my thermography photos and found a comparison between dry and wet desiccant.
And here’s a picture of the wet desiccant spread out in a tray. And a cell of desiccant that’s wet.
The cooler (blue) part of the images comes from evaporation.
What nozzle is that? That doesn’t look like the right nozzle for a PTM60 torch.
Edit: maybe it is, it just looked like too long of a taper on the end This pic is a standard nozzle on the left and a shielded nozzle on the right. The shielded one requires a different cap.
Yeah all my consumables come from George on here so I’m confident it’s the right nozzle. I’ll check the desiccant beads and see if it’s a moisture problem which is what I’m speculating. I’ve been doing several test cuts for the past few weeks and it seems I’m blowing through the consumables. Im totally new to plasma cutting. I did spend the time putting together what I thought was a good air drying system. Honestly I hope that is the problem. Should be an easy fix 
This is the standard you are trying to achieve.
And this is a time of year where it’ll be quite a bit of water vapor in the air.
I noticed you’re cutting a sign for Dallas, are you in Texas? North Texas? Because it’s been really wet the last week. Super rainy and humid around North Texas into Oklahoma and Kansas. Did this crop up during the weather we’ve been having? Also, can you put a multimeter on the lines to see in real time what the voltage is as it cuts? It’s possible you have a voltage leak from somewhere; either a leak from a componant that is giving too much voltage, which seems most likely considering the symptom of the head going up; or, perhaphs a voltage leak from the cutting circuit going to ground along the line to the electronics. Just a theory.
Yes I am in waxahachie just south of DFW. I will test the voltage on my next cut. I’m pretty confident that my air is not as dry as I thought. Just purchased the refrigerated air drier from HF and an additional filter to mount on the back of plasma cutter. Finger crossed. Regardless I know I will get all the kinks figured out because this forum is incredible. Thanks!