Despite the top names like Bitcoin and Ethereum struggling for a bounce back, the altcoins are back in action. Amid the top performers, the DyDx price trend teases a breakout run for a high-momentum bull run worthy of igniting FOMO among traders. So, will this breakout rally in DyDx account for a FOMO-worthy 10x gain in 2024?
Falling Channel in DyDx Log Chart
In the daily logarithmic chart, the DYDX price action reveals a falling channel pattern. The falling channel accounts for a price drop of 78%, ranging from $4.37 to $0.90.
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Currently, the DYDX price action reveals a bullish cycle gaining momentum and heading towards the overhead resistance trend line. The DYDX price has increased by 20% in the last 11 days and has reclaimed the $1 psychological mark. Currently, the DYDX price trades at $1.1182 and an intraday growth of 0.78%.
Technical Indicators:
RSI: The daily RSI line shows a rising trend, ready to surpass the 50% halfway line. Bouncing from the oversold boundary, RSI reveals an underlying growth in demand.
MACD: The MACD indicator shows the MACD and signal line rising in positive alignment with intense bullish histograms.
Thus, the momentum indicators are bolstering the bullish possibility for DyDx.
Where Is DyDx Price Headed?
Retracing the Fibonacci levels over the correction phase, the ongoing bullish cycle is still too far from the 23.60% Fibonacci level at $1.31. Hence, the DYDX buyers must surpass the two closely linked resistances: the 23.60% level and the declining trendline.
A breakout of these resistance levels will result in a massive trend reversal rally of high momentum. With the release of underlying tension, the DYDX price is expected to reclaim the $4.50 mark. Optimistically, the bull run can hit a new 52-week high of $11.533 at the 1.618% Fibonacci level by the end of 2024.
Source: https://coinpedia.org/price-analysis/dydx-price-reversal-eyes-explosive-10x-breakout-to-11/