Direction
Long
Published
October 24, 2024
Status
Token
DYDX
Trigger
Chart PatternSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
Chart Analysis
Token Name | dYdX |
Symbol | DYDX |
CoinMarketCap Rank | 99 |
Market Cap | 690M |
Volume 24h | 48M |
Total Supply | 773M |
Circulating Supply | 643M |
DYDX has been trading in a massive downtrend since March. However, starting in August, the token formed a clear bottom. Moreover, the price broke above the bottom’s crucial resistance at $1.
Nevertheless, during the last days, DYDX retraced most of the gains and is almost back at the $1 resistance.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Bullish 🟢
- Triple EMA: Price trades between all EMAs 🔵
- ADX: 23, indicating no trend 🔴
Chart
Trade Setup
- Entry: Wait for the price to bounce off the $1 resistance — or in case it goes lower until the price is confirmed above the $1 level again.
- Profit Target 1: ~$1.45 (45%)
- Profit Target 2: Slightly below $1.90 (87%)
- Profit Target 3: ~$2.2
- Stop Loss: ~$0.9