- The DYDX price has dropped to levels of $1.91 and $1.87, which were mentioned as the support range in the previous analysis, and received a strong buying response from this region.
- Currently, the DYDX price is moving from levels of $1.969 and if it continues to stay above the mentioned support, it can continue its rise up to $2.
- The main upward target should be considered as $2.31, but 3-hour closing above $2 should be expected and investments should be evaluated below the last bottom area if a 4% decline occurs.
When examining the daily technical chart of DYDX, it is observed that the price encountered a strong buying response in the mentioned support range and continued its rise. Before moving on to the current situation and potential upward targets, we congratulate the investors.
Medium-Term DYDX Analysis
Daily DYDX/USD Price ChartWhen examining the daily technical chart of DYDX, it is observed that the price encountered a strong buying response at $1.895, as shared in the analysis on July 25, and has achieved an approximately 4% increase from the mentioned level.
As long as the DYDX price continues to encounter strong buying responses from the support range of $1.895 to $1.812, it can continue its rise from this region, first to the level of $2.10 and then towards the levels of $2.27.
If DYDX continues its rise from the support range of $1.895 to $1.812, the main upward target should be considered as the levels of $2.495 to $2.60. In this case, investors should follow the price movement, considering the importance of the mentioned support range.
Short-Term DYDX Analysis
When examining the 3-hour technical chart of DYDX, it is observed that the price has dropped to the support range of $1.91 to $1.87, as mentioned in the previous analysis. With the buying response from the mentioned support range, the DYDX price is currently moving from levels of $1.969.
As a result of this movement, the Coinotag Analyst team has achieved a 11% gain in the decline and a 3.45% gain in the rise. We congratulate our evaluating readers. To review our previous analysis that yielded gains, click here.
If the DYDX price continues to stay above its mentioned support, it can continue its rise up to $2. However, if DYDX experiences a drop back to the support level without reaching $2, it may want to continue its rise after taking the long liquidations at the $1.893 level.
Therefore, 3-hour closing above $2 should be expected and if a 4% decline occurs, investments should be evaluated with a stop below the last bottom area. As long as the DYDX price stays above the support range of $1.91 to $1.87, the upward trend will continue towards the target of $2.31.
Is DYDX Starting an Upward Trend? August 4 DYDX Analysis news was first published on CoinOtag.
