![DYDX Faces Potential Breakout From Descending Channel, Analyst Eyes $6 If This Happens](https://captainaltcoin.com/wp-content/uploads/2023/07/dydx.png)
Defi tokens have started to surge recently following the rise in popularity of AI tokens. This comes as many altcoins begin entering a bull run period.
As Route2FI noted on Twitter, “If you’re in AI, rotate to DeFi. $DYDX is pumping hard right now.” CryptoBull_360 also pointed to a “massive breakout” coming for DYDX based on analysis of the daily charts. He expected a “strong breakout towards $5.5 -$6 regions.”
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Show more +The price has now finally broken out above key resistance levels. As WorldOfCharts1 stated: “$Dydx Moving As Expected & Running In 25%+ Profit Since Breakout.” More analysis shows the resistance level that broke around $3.5 had been holding since November, making it over 3 months of consolidation before the recent breakout.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-914-1024x580.png)
With DeFi tokens gaining steam and DYDX now breaking key resistance after months of range-bound action, the token could have substantial room to run if the bullish momentum continues. Analysts are watching for a potential move towards the $5.5 to $6 area if buying pressure remains strong.
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