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- Examining the 3-day chart of DYDX
, it is noted that the price recently dropped below $1.70 before making a strong recovery to $2.28. - If there are 3-day candle closes above the $2.28 resistance, the likelihood of an uptrend increases and the support range of $2.099 to $1.976 becomes crucial for long-term spot investments.
- Should DYDX achieve daily candle closes above $2.28, it could target $2.80 and $3.24 as the next milestones.
Following its recent fall, DYDX rebounded strongly to $2.28, and it is indicated that if it can sustain 3-day candle closes above this resistance level, the upward trend may continue.
MID-TERM DYDX ANALYSIS
The 3-day chart reveals that after a significant drop to below $1.70, DYDX experienced a sharp rise to $2.28.
If DYDX can close above the $2.28 resistance on the 3-day chart, it is suggested that the chances for a continued uptrend increase, and the support range of $2.099 to $1.976 is emphasized for long-term spot investments.
Once DYDX secures closes above $2.28, it could focus on the targets of $2.80 and $3.24. Long-term investors might consider buying in the mentioned support areas to aim for a future target of $5 as long as DYDX remains above $1.70, maintaining the possibility of continuing its upward trend.
This ongoing analysis underscores the importance of monitoring these key resistance and support levels closely for signs of consolidation or breakout, which can offer strategic entry and exit points for cryptocurrency traders.
LONG-TERM DYDX INVESTMENT STRATEGY
For those considering a long-term investment in DYDX, it is crucial to recognize the significance of the resistance at $2.28. A sustained move above this level could indicate a strong bullish trend, setting the stage for reaching higher price targets such as $2.80 and $3.24.
Investors are advised to set stop-loss orders just below the key support levels to mitigate risks associated with a potential decline. Additionally, taking profits at resistance levels or when the price achieves the set targets can help maximize returns on investments.
Conclusion:
The current analysis suggests that DYDX has the potential to resume its upward trajectory if it can consistently close above key resistance levels. By maintaining vigilance and adapting investment strategies based on market conditions, investors can capitalize on the opportunities presented by DYDX while managing their investment risk effectively.