DYDX - Highlight
Wanted to highlight DYDX as the month as it has some very important patterns forming.
The chart on the right is the monthly and the chart on the left is the daily. Let's begin with the monthly chart.
The key level the bottom was created at is the psychological $1 level (white line). This is the most key level of support for DYDX on the macro. We just formed a doji candle on the monthly which could signal a reversal for DYDX back to the upside. We can also assume this is the case as the monthly RSI is trying to climb from oversold conditions back into the RSI channel which could really increase the momentum.
GMX (a similar related coin) just climbed over 70% over the last couple weeks. With DYDX being an ETH narrative related token, and the ETH ETFS being recently approved, this could also provide fundamental/sentiment reasons for DYDX'S increase in price.
The daily chart gives us our current pattern which looks to be a falling wedge. Falling wedges are usually bullish patterns that lead to upwards price action. Upon breakout of our upper line of resistance we could see a substantial rise, but if the lower level of support is broken we could see an additional 40-50% collapse. Right now the bullish case scenario is much more likely as DYDX is also trying to establish the $2 level as a strong support level .
The chart on the right is the monthly and the chart on the left is the daily. Let's begin with the monthly chart.
The key level the bottom was created at is the psychological $1 level (white line). This is the most key level of support for DYDX on the macro. We just formed a doji candle on the monthly which could signal a reversal for DYDX back to the upside. We can also assume this is the case as the monthly RSI is trying to climb from oversold conditions back into the RSI channel which could really increase the momentum.
GMX (a similar related coin) just climbed over 70% over the last couple weeks. With DYDX being an ETH narrative related token, and the ETH ETFS being recently approved, this could also provide fundamental/sentiment reasons for DYDX'S increase in price. The daily chart gives us our current pattern which looks to be a falling wedge. Falling wedges are usually bullish patterns that lead to upwards price action. Upon breakout of our upper line of resistance we could see a substantial rise, but if the lower level of support is broken we could see an additional 40-50% collapse. Right now the bullish case scenario is much more likely as DYDX is also trying to establish the $2 level as a strong support level .
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