DYDX Technical Analysis
Key Insights
- Over the last 820 days, the DYDX asset has been demonstrating stable sideways movement, which often indicates an accumulation phase.
- The current price of the asset is located below the key Point of Control level.
- In terms of DYDX price prediction we consider potential price moves as per Fibonacci levels.
As of writing, DYDX ranks 80th on CoinMarketCap with a market capitalization of $685,826,174.
DYDX Tech Analysis
During the accumulation phase, in such market conditions, professional participants can actively accumulate positions, anticipating future price growth (pump). At the current moment DYDX is trading at $1.127, which is near the lower boundaries of the existing price range, indicating possible support levels.
Analysis of the volume profile shows that the DYDX price is located below POC level (where the maximum trading volume was recorded). Nevertheless, the price is still in the zone of significant interest of market participants, which may indicate the presence of support.
Additional confirmation of the participants' interest is the vertical trading volumes, which remain high within the current sideways formation. This may indicate that large players continue to accumulate positions, expecting a significant price movement.
DYDX Price Prediction
Given the current market situation, there is reason to believe that DYDX may be on the verge of exiting the consolidation phase, which could lead to a significant price move. In this context, we can consider potential price targets based on Fibonacci levels.
First price target: Located at the 0.75 Fibonacci level, which corresponds to the price level around $9. This is the level where the first significant correction often occurs after a strong price move. A breakdown of this level may indicate further development of the uptrend.
Second price target: It is located at the 0.5 Fibonacci level, which corresponds to the price of about $15. This level is an important psychological barrier, and its achievement may signal a significant change in market sentiment.
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