- In DYDX’s hourly analysis, hourly closes above the black falling trend line indicate potential for an uptrend.
- While holding above the blue support zone is positive for an uptrend, dropping below it may signal a downtrend.
- In the daily analysis, the $2.287 resistance is crucial; if this resistance is broken, the targets are $2.50 and $2.72, otherwise a downside risk is observed.
DYDX’s hourly analysis emphasizes the importance of closing above the black trend line for an uptrend. The necessity of holding the blue support zone and the impact of the $2.287 resistance determine daily movements. Additionally, a 0.30% increase is required for the price to turn green.
Can DYDX Break the $2.29 Resistance?
When examining DYDX’s daily price analysis, it can be seen that it is moving near the $2.287 level. The current price of DYDX, which is at $2.14, needs to experience an approximately 0.30% increase to turn its daily candle green.
If the DYDX price surpasses the $2.287 resistance and achieves daily candle closes, it can target the $2.50 level first, followed by $2.72, continuing the uptrend.
However, if the DYDX price fails to maintain consistent closes above the $2.287 resistance, it can initiate a downward movement, and in this case, a decline of up to the $1.99 – $1.94 range may occur. If closes below the $1.94 level occur, the downward movement can continue to $1.80.
Short-Term DYDX Analysis
When examining DYDX’s hourly technical analysis, it can be seen that the price has the potential to rise by closing hourly candles above the black falling trend line mentioned in the analysis. However, breaking this trend line requires the observation of a high-volume candle movement.
As long as the DYDX price holds above the blue support zone, it carries the possibility of continuing the uptrend. However, if the price makes hourly closes below the blue support zone, it can continue the downtrend to the $2.069 level.
If DYDX coin achieves hourly candle closes below $2.069, it can initiate a downward movement towards the yellow critical support level mentioned in the analysis. Coinotag analysts believe that if DYDX experiences a drop to this zone, it can start a new uptrend from this area.
