- DYDX is moving above $2 in its short-term technical chart, and this level plays an important role as support.
- The range of resistance between $2.12 – $2.15 is a critical area that limits the price’s rise, and strong selling pressure here can cause a decline.
- If DYDX receives a strong buying response above the $1.948 level, it can increase the potential to start an upward trend.
DYDX attracts investors’ attention with its support and resistance levels in its technical chart. While movement above $2 is observed as an important factor for the continuation of the rise, the resistance range of $2.12 – $2.15 stands out as a critical area that determines the direction of the price. Investors should closely monitor how the price reacts to these specified levels.
Medium-Term DYDX Price Analysis
Daily DYDX/USD Price ChartWhen examining the daily technical chart of DYDX, it is observed that the price is moving near the important support level of $1.895. If the DYDX price experiences a decline to the mentioned support range of $1.895 – $1.812 in the analysis and encounters strong buying responses from these levels, it can initiate its rise.
If the DYDX price encounters strong buying responses from the support range of $1.895 – $1.812, it can continue its upward trend from this support area, first targeting the $2.27 resistance and then the $2.50 resistance levels. Therefore, DYDX investors should carefully monitor the daily support and resistance levels mentioned in the analysis.
On the other hand, if the DYDX price closes daily below the $1.81 level, it can extend its downward movement to the $1.714 levels. Similarly, if it closes daily below the $1.714 level, it can continue its decline to the $1.525 levels.
However, if DYDX achieves a daily closing above the $1.714 level, there is a possibility of starting an upward trend. Investors should determine their trading strategies based on these critical support and resistance levels.
Short-Term DYDX Price Analysis
When examining the short-term technical chart of DYDX, it is observed that the price continues to move above the important support level of $2. As long as the DYDX price stays above the $2 support, it can sustain its rise up to the resistance range of $2.12 – $2.15 mentioned in the analysis.
However, if the DYDX price encounters strong selling pressure from the range of $2.12 – $2.15, it can initiate its downward movement from this area, first targeting the $2 level and then the $1.948 levels.
On the other hand, if DYDX closes 2-hourly below the $1.948 level, it is expected to continue its decline towards the $1.91 support. However, if the DYDX price encounters strong buying responses from the $1.91 – $1.87 range, it can continue its rise from this area up to the $2.31 levels.
If the DYDX price receives a strong buying response from the $1.948 support, there is a possibility of initiating its rise from this support level. However, it needs to achieve a 2-hourly closing above the $2 level, which is the resistance, with a strong buying response from the $1.948 level. Investors should carefully monitor these specified support and resistance levels and create their trading strategies accordingly.
