Technical analysis is an important indicator that investors, especially those trading in the futures market, need to constantly follow in the cryptocurrency market. So, what clues does technical analysis give us for BNB, which is currently trading at $231.3, and DYDX, which is trading at $3,445? Let’s examine the detailed charts, important support and resistance levels.
DYDX Chart Analysis
During the Binance lawsuit process, there was a significant increase in many cryptocurrency exchange tokens, and one of these tokens was DYDX, the DeFi platform. The first notable formation on the daily DYDX chart is the rising channel formation. After the recent uptrend, DYDX touched the resistance line but failed to gain the necessary momentum and faced a significant correction.
The most important support levels to be considered for DYDX on the daily chart are $3,023, $2,604, and $2,208. If the daily bar closes below the crucial level of $3,023, it will result in a significant loss of momentum for DYDX price.
The most important resistance levels to be followed on the daily chart for DYDX are $3,532, $3,950, and $4,364. If the daily bar closes above the significant level of $4,364, it will lead to a bullish breakthrough in the formation structure. This situation will initiate a significant rally process for DYDX.
Binance Coin Chart Analysis
The first notable formation on the 4-hour BNB chart is the rising channel formation. However, on November 21, Binance CEO Changpeng Zhao’s forced resignation and the decision to impose a $4.3 billion fine on the exchange put significant pressure on BNB price, causing a significant decline along with the support breakdown.
The most important support levels to be considered for BNB are $229.1, $224.5, and $218.6. If the 4-hour bar closes below the crucial level of $224.5, it will result in a loss of momentum for BNB price.
The most important resistance levels to be followed on the 4-hour chart for BNB are $238.7, $247.2, and $256.1. If the bar closes above the significant level of $238.7, it will allow the EMA 200 and EMA 7 levels to be surpassed. This development will lead to an acceleration in BNB price in the short term.
