#DYDXUSDT's Extended Pullback Offers Opportunities

13 ביולי 2023

💎 Back in January 2023, a significant event took place in the #DYDXUSDT market. The price broke above a seven-month range zone, indicating the emergence of a new long-term trend. However, since then, we have witnessed a consistent decline in price, which can be seen as an extended pullback. Despite this, recent price action in #DYDX presents several signals suggesting that the correction phase may have reached its conclusion.

💎 Firstly, on June 10th, there was a notable bounce off the downtrend trendline, which has been acting as a reliable support level. This bounce signifies the strength of this trendline as a crucial level of price support. Additionally, over the past week, price movement has hovered around the 50% Fibonacci support level at $1.762, where we also witnessed a clean bounce. Maintaining a daily closing price above this Fibonacci support becomes essential for the potential realization of a significant price increase.

💎 The key supply zone for #DYDX lies between the 78.6% and 88.6% Fibonacci retracement levels, offering an enticing upside potential of up to 87% growth. As always, the MCP team will diligently monitor the current support level for a potential breakout. Should the breakout occur, it would invalidate the bullish scenario, and #DYDX is likely to continue its descent, potentially testing the demand zone near $1.3.

Stay informed and prepared, Paradisers, as MCP team is committed to providing you with timely updates and valuable insights to assist you in making informed trading decisions. 🌴