- DYDX price prediction unwinds the correction phase of the market since February 2023
- DYDX reported a year-to-date gain of 97.47%
- DYDX price has made a recovery of 65% from its swing low
DYDX’s (DYDX) price prediction reveals that the price has been in a correction phase since the price fell from $3.50. The DYDX token price began the year 2023 with a surge of 260% from its swing low of $1.07. The market peaked at $3.75 and started correcting from there in February 2023. The DYDX token witnessed a 62% decline from its support of $1.36. Since then, the price has made a decent recovery, which can be analyzed on a daily timeframe.
At the time of writing, the current market price of DYDX tokens is $0.338. The 24-hour trading volume plunged 1.95%. The market is down 5.88% in the last 24 hours. The overall market cap of DYDX is $333,777,356
Can DYDX Price Break the Descending Channel to the Upside?
DYDX’s (DYDX) price prediction sheds light on the correction phase of the DYDX token, which has been falling since February 2023. This led the price to form a series of lower lows and lower highs. The price travels in a design channel on its way down. The bearish momentum forced the DYDX token to trade below the 200 EMA.
After a series of aggressive sales, the bulls decided to buy the dip at $1.366. This led to a bounce of 65% to its current market price. The recovery led to the breaking of the local resistance of $1.756. The DYDX token has flipped the 9 and 15 EMAs. At present, the market is training at the upper trendline of the descending channel. A breakout can pull the price from its correction phase.
Will DYDX Surpass the Resistance to the Upper Levels?
The 4-hour chart gives a closer look at the recent price action. The short term dictates a bullish trend as the price creates a series of higher highs. The DYDX coin has flipped the 200 EMA to the upside, concluding the short-term bullish sentiments. The price action. The volume also indicates the interest of the buyers in the short term.
Should the DYDX price continue its course, expect a breakout of the descending channel soon. This may trigger a bullish rally of at least 62% to the resistance of $3.50. However, it would be wise to consider the opposite as the markets can be unpredictable. A rejection from here can lead to a decline in the lower support.
RSI: The RSI indicator is currently at 61.09. It is a condition where the market is bullish and slightly overbought. The market may move up aggressively if the RSI goes above 70.
MACD: MACD made a bearish crossover and the indicator has crossed below the 0 line. However, the MACD and the signal will soon make a bearish crossover. It means the correction may be over soon and the price may continue moving up
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue increasing until the price breaks below the indicator.
Conclusion:
DYDX’s (DYDX) price prediction reveals that the price has been in a correction phase since the price fell from $3.50. The market has recovered decently in the past few days, reviving hopes for a further recovery. Investors should wait for the price to break the descending channel for strong bullish momentum. The current volatility can be dealt with using a good strategy and risk management.
Technical Levels
- Support level: $1.756
- Resistance level: $2.340
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
