World Of Charts has noted the performance of dYdX, noting the asset has already delivered 2x returns from recent bottom levels. The analyst maintains a bullish outlook, projecting potential continuation toward the $8 mark in the mid-term.
The analyst identifies a falling wedge pattern formation on higher timeframes, traditionally considered a bullish reversal indicator. The recent breakout from this pattern has validated the bullish thesis, setting the stage for what could be a substantial rally ahead.
Short- and Mid-term Targets and Price Levels
Looking at immediate price objectives, the analysis points to short-term targets between $4.20 and $4.40. These levels represent critical resistance zones where traders might encounter temporary selling pressure.
The most striking aspect of the analysis focuses on the mid-term potential, with $8 identified as a major target. This projection would represent approximately a 4x return from the current price level of around $2 levels.
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While the outlook remains predominantly bullish, traders should note key support levels around $1.50-$2.00 as critical areas to monitor. The strength in dYdX price action could signal broader market confidence in decentralized exchange tokens.
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