DYDX retraces into an HTF support, can we expect another surge upward?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Two important levels of support remain unbroken for DYDX. Higher timeframe bias remains bullish despite the lower timeframe downward momentum. DYDX made enormous gains in January. Like the rest of the altcoin market, the […]

can regain its bullishness, DYDX could be one of the tokens which returns strongly to its previous bullish trend. This idea would be invalidated if the token fell beneath a higher timeframe support zone.Source: DYDX/USDT on TradingView

Meanwhile, the OBV made lower highs, even though DYDX burst above the $2.8 resistance with vehemence.Although the indicators did not show a sharp bullish disposition, the price action was promising.Buyers could find some profits by buying the move back above the $2.6 level of support. To the north, $3.25 and $4 can be take-profit levels. Invalidation of this buy would be a drop beneath $2.2 on the daily timeframe, and $2.6 and $2.4 on lower timeframes.

The mean coin age, which had been rising since late December, saw sharp drops in the latter half of January.

 

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