Although the top names like Bitcoin and Ethereum are struggling to recover, the altcoins are back in action. Among the top performers, the DyDx price trend is pointing to a breakout for a high momentum bull run that should trigger FOMO among traders. So, will this breakout rally in DyDx drive a FOMO-worthy 10x gain in 2024?
Falling channel in the DyDx log chart
In the daily logarithmic chart, the DYDX price movement shows a falling channel pattern. The falling channel is responsible for a 78% price decline and ranges from $4.37 to $0.90.
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Currently, DYDX price action is showing a bullish cycle that is gaining momentum and moving towards the upper resistance trend line. DYDX price is up 20% in the last 11 days and has reclaimed the psychological mark of $1. Currently, DYDX price is trading at $1.1182 with an intraday growth of 0.78%.
Technical indicators:
RSI: The daily RSI line shows a rising trend and is ready to cross the 50% midline. The RSI is bouncing off the oversold line, showing underlying demand growth.
MACD: The MACD indicator shows the MACD and signal line rising in positive alignment with intense bullish histograms.
Thus, the momentum indicators reinforce the bullish possibility for DyDx.
Where is the DyDx price going?
Retracing the Fibonacci levels during the correction phase, the ongoing upcycle is still too far from the 23.60% Fibonacci level at $1.31. Therefore, DYDX buyers need to overcome the two closely related resistances: the 23.60% level and the falling trend line.
A breakout above these resistance levels will result in a massive trend reversal rally with high momentum. With the easing of underlying tensions, DYDX price is expected to reclaim the $4.50 mark. Optimistically, the bull run can reach a new 52-week high of $11,533 at the 1.618% Fibonacci level by the end of 2024.
