April

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/defi-platform-dydx-shows-strength-amidst-market-uncertainty" rel="noopener noreferrer nofollow">DeFi Platform DYDX Shows Strength Amidst Market Uncertainty</a> 
The prominent DeFi platform DYDX had an impressive start in 2021 with a satisfying airdrop, but only a small portion of the total supply was initially circulated, causing prices to drop from previous highs of $20 due to ongoing unlocking events. The recent surpassing of $3 for DYDX price raises questions about its significance.
While most altcoins are in the red, DYDX is trading around $3.08, showing a nearly 5% increase. It has been on an upward trend within a rising parallel channel since the beginning of 2023, contrasting with <a href="https://en.bitcoinhaber.net/spot-bitcoin-etf-finally-approved-what-it-means-for-investors" rel="noopener noreferrer nofollow">BTC</a>, which recently lost channel support. DYDX’s strength is confirmed by the channel’s support and resistance lines, last validated in November, and by its resilience despite negative market sentiment, supported by a bullish weekly RSI.
Crypto analysts on social media generally anticipate a momentum gain for DYDX. Investor Nihilus suggested that momentum would increase once the price broke the resistance trend line, which DYDX successfully did, surpassing $3. CryptoDude999 expressed belief in the uptrend, targeting above $4, while analyst KMvision confirmed the optimism for peaks beyond $4.
The price, which was rejected by the channel’s resistance line in November 2023, has now crossed this zone on the daily chart, justifying optimism. The daily RSI is above 50, indicating that a target above $4 is plausible.
If the upward movement continues, DYDX could see a 25% increase, reaching the next resistance at $3.9. Beyond that, targets of $4.36 and $7.2 are identified, recalling April 2022’s surge past $7. However, closures below the channel’s resistance line could invalidate the breakout, potentially leading to a decline towards $2.4.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/defi-platform-dydx-shows-strength-amidst-market-uncertainty" rel="noopener noreferrer nofollow">DeFi Platform DYDX Shows Strength Amidst Market Uncertainty</a></h5>

DeFi Platform DYDX Shows Strength Amidst Market Uncertainty

BH NEWS

Other articles published on Jan 18, 2024

Bitcoin’s Bullish Signals: Analysts Predict Potential Surge Amid Historical Indicator and Narrati...

Trump Clearly Stated For Non Creation of CBDC in the US

Shanghai Court Issues Verdict in First Digital Yuan Money Laundering Case

Gary Gensler Warns about AI’s Impact to Financial Systems, Doesn’t Touch on Cryptocurrency

Ethereum’s demand soars to 13-month high: Is this why?

Polygon Killer Retik Finance (RETIK) to Displace MATIC from its Spot, Priced at Only $0.07

Join our free newsletter for daily crypto updates!