Chart Analysis Shows DYDX Testing Fibonacci Retracement Level and Potential for New All-Time High in Upcoming Bull Run
DYDX is currently trading at $2.855, and the chart shows that it recently broke out of a major resistance level and is currently trading around 250% higher than its last bottom. It has also risen 150% from its last breakout. The previous breakout was followed by a retest and was perfectly executed.
At present, DYDX is trading in a parallel channel, and a breakout from this channel is crucial. A high-time frame candle closing above $3.30 or breaking the recent high of $3.68 would be the best entry point as per technical analysis.
Based on the chart, I anticipate that DYDX may test the 0.0618 Fibonacci retracement level and then experience a significant upward rally. Therefore, the best buying opportunities would be around the parallel channel support area, which is between $1.40 and $1.70.
In the long term, I expect that DYDX will break its new all-time high in the upcoming bull run and could reach $30.
The support levels for DYDX are $2.44, $1.65, and $1.11
while the resistance levels are $3.47, $7.50, $13, and $24
Key Points of this Chart:-
DYDX recently broke out of a major resistance level and is trading around 250% higher than its last bottom.
A breakout from the current parallel channel is crucial, and a high-time frame candle closing above $3.30 or breaking the recent high of $3.68 would be the best entry point.
Based on chart analysis, DYDX may test the 0.0618 Fibonacci retracement level and experience a significant upward rally.
Best buying opportunities are expected around the parallel channel support area, which is between $1.40 and $1.70.
Long-term projections suggest DYDX could reach a new all-time high in the upcoming bull run and potentially hit $30.
This is the author's opinion and not financial advice. It is recommended to do your own research before investing in any coins.
This is just my opinion, and it is not financial advice. Before investing in any coins, I recommend doing your own research. I will update my social media channels if anything changes in the chart. Please like, follow, and share for more live updates on technical analysis and breaking news on crypto.
Thank you.
