Altcoin dYdX (DYDX) price is currently undergoing a very important phase, aiming to solidify previous significant resistance levels as strong support areas and preparing the ground for a potential increase in value. This represents a critical moment for the dYdX investor. The upward direction of the price is already exciting the cryptocurrency’s investors. So, what’s next for dYdX?
Altcoin dYdX Weekly Outlook
Cryptocurrency dYdX (DYDX), witnessed a recovery from the support region at $2.30, indicated by a green arrow, during the week of January 8 to January 14, 2024. This recovery not only created a higher low but also signaled a significant shift in market sentiment from selling on rallies to buying on dips.
Moreover, the ongoing upward momentum has pushed the price beyond the critical resistance barrier of $3.40 from the previous week. The price is currently in the process of confirming this area as a solid support level, as indicated by a yellow arrow.
The Weekly Relative Strength Index (RSI) has shown a sharp rise from the 50 level, reinforcing DYDX’s successful recovery from the $3.40 region. If this trend continues, there is a notable potential for a 74.28% rise, which could steer the price towards the next significant resistance zone at $7.
Possibility of Reaching $7
Cryptocurrency DYDX convincingly surpassed the short-term horizontal resistance threshold of $3.50 and confirmed it as a solid support level, as indicated by a green arrow in the chart, signaling the end of the price decline from the recent high of $4.37 and positioning the altcoin DYDX for a new rally.
The Daily RSI has entered the overbought zone and is showing an upward slope, indicating a dominance of bullish sentiment in the market. Consequently, there is a strong possibility for the cryptocurrency DYDX to surpass its annual peak of $4.37 and target the adjacent horizontal resistance area at $5.10.
All signs are pointing to an upward trajectory for DYDX in the near future. The nearest target is $5.10, with further potential gains towards $7.
