DYdX Finally Breaks Out of 3-Month Resistance; Analyst Who Called the Move Reveals Target to Watch

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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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.

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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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.