<

Potential 70% Surge in dYdX (DYDX) Price Anticipated Upon Maintaining This Zone

The price of dYdX (DYDX) is currently in the process of confirming the previous significant resistance as support. If successful, a strong upward movement is likely to occur.

Weekly Outlook

The price of dYdX (DYDX) bounced from the support zone at $2.30 in the week from January 8 to January 14, 2024 (green arrow). This action has formed a higher low and indicated a shift in sentiment from selling on rallies to buying on dips.

Indeed, the price continued to find buyers at higher levels and broke above the important resistance zone at $3.40 last week. Currently, the price is in the process of confirming this zone as support (yellow arrow).

The weekly RSI (Relative Strength Index) has sharply risen from the 50 level and is sloping upwards, supporting the successful bounce of DYDX from the $3.40 zone.

If so, it could increase by 74.28% to the next important resistance zone at $7.

DYDX/USDT weekly chart. Source: TradingView

Short-Term Resistance Breakout

The DYDX price has broken above the short-term horizontal resistance zone at $3.50 and confirmed it as support yesterday (green arrow).

This indicates that the price decline from the high of $4.37 has ended, and DYDX is in a new rally.

The daily RSI has entered the overbought zone and is sloping upwards, signaling that the bulls are in control of the market.

Therefore, DYDX price could break the yearly high at $4.37 and rise to the nearest horizontal resistance zone at $5.10.

DYDX/USDT daily chart. Source: TradingView

Conclusion

The most likely prospect suggests that DYDX price will continue to rise in the near future. The nearest target is $5.10, with a potential higher target of $7.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like