Today's analysis update for DYDX/USDT:
The current trend for DYDX/USDT is bullish, with the price breaking the descending channel on the 1-day frame upwards and expected to continue. The Relative Strength Index (RSI) and other technical indicators suggest growth, with a possibility of a growth reaction from the 50% level.
Key Levels to Watch:
- Support: 0.95 USDT, 0.90 USDT
- Resistance: 1.05 USDT, 1.10 USDT
Trade Ideas:
Consider long-term buy trades, targeting 1.20 USDT and 1.50 USDT.
Short-term investors can consider sell trades, targeting 0.90 USDT and 0.85 USDT.
Market Sentiment:
- Bullish: 60%
- Bearish: 40%
Some analysts suggest waiting for a clear formation from the price before making a move.
Additionally, DYDX has absorbed liquidity from the supportive trendline of the ascending channel, increasing the probability of a bullish move. However, if the price breaks down below the demand and bullish Order Block zone, it will invalidate the bullish signals.
