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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 Chart
When 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.
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Short-Term DYDX Analysis
3-Hour DYDX/USD Price Chart
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.
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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.
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