ð§ŪdYdX- Bottom is in? FIB 1.618 & 0.618
(Forgive me the messy chart, but there's no other way I can present this)
The chinas ban on crypto and temporary hype on decentralized exchanges pushed DYDX to #1 spot in terms of 24h volume. But the hype didn't last long, so the price suffered 50% decline.
Now it looks like the bottom is in. The price has sat on 15.00 level creating potential double bottom. There's a confluence of 1.618 & 0.618 fib levels. Bullish divergence is visible on both MFI and RSI indicators.
Entry: buy at current price(green box) -- or wait for the confirmation: the price to break the neckline of this potential double bottom (watch lower timeframes)
Long-term targets:
TP1: 16.76
TP2: 18.42
TP3: 19.47
TP4: 25.09
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About DYDX:
dYdX is a non-custodial decentralized exchange that allows users to leverage trade via Ethereum smart contracts. This gives traders the ability to trade on margin while also benefiting from the security provided by Ethereum. dYdX also partnered with StarkWare to build a layer 2 protocol for the exchange. This allows traders to deposit funds and trade instantly without paying gas fees for every transaction.
Source: yahoo
The chinas ban on crypto and temporary hype on decentralized exchanges pushed DYDX to #1 spot in terms of 24h volume. But the hype didn't last long, so the price suffered 50% decline.
Now it looks like the bottom is in. The price has sat on 15.00 level creating potential double bottom. There's a confluence of 1.618 & 0.618 fib levels. Bullish divergence is visible on both MFI and RSI indicators.
Entry: buy at current price(green box) -- or wait for the confirmation: the price to break the neckline of this potential double bottom (watch lower timeframes)
Long-term targets:
TP1: 16.76
TP2: 18.42
TP3: 19.47
TP4: 25.09
-----------------------
About DYDX:
dYdX is a non-custodial decentralized exchange that allows users to leverage trade via Ethereum smart contracts. This gives traders the ability to trade on margin while also benefiting from the security provided by Ethereum. dYdX also partnered with StarkWare to build a layer 2 protocol for the exchange. This allows traders to deposit funds and trade instantly without paying gas fees for every transaction.
Source: yahoo
the price is testing local highs as support now. another breakout attempt soon or dump back to 15.00