DYDX Price Rallies 210% Post All-Time Low — Eyes on $3.15 Resistance

DYDX had fallen since its yearly high of $4.52 in January. In September, the price reached a new all-time low of $0.80, a decline of 73% since the start of the year. However, DYDX has bounced since, and its year-to-date performance is now only a negative 20%.

DYDX has nearly reached $3.15, the final horizontal resistance before the yearly high. Will it go through, and what’s next if it does? Let’s find out.

DYDX Reclaims Support

The weekly time frame DYDX chart shows the price has increased since falling to an all-time low of $0.80 in September. The price created a higher low in November and accelerated its increase, reclaiming the long-term $1.15 horizontal support. This is a critical area that has existed for 882 days.

While the breakdown from it led to a new all-time low, its reclaim is a positive sign that bodes well for the future trend’s direction. The DYDX price has increased by 210% since the all-time low, culminating with a high of $2.48 today.

If the upward movement continues, the next horizontal resistance will be at $3.50, just below the yearly high of $4.52. There is minimal resistance above this level, so a weekly close above it could make the upward movement parabolic.

Technical indicators give a bullish DYDX prediction. The Relative Strength Index (RSI) and Moving Average Convergence/Divergences (MACD) generated bullish divergences (green) before the upward movement. The indicators are now increasing and above their bullish thresholds.

So, the weekly time frame readings suggest DYDX will increase and reach the 3.50 horizontal resistance area.

Parabolic DYDX Increase

The daily time frame chart aligns with the weekly readings, providing a bullish outlook. The price action suggests the upward movement is impulsive since the DYDX price broke out from an ascending parallel channel. 

As a result, the wave count suggests the increase is part of wave three in a five-wave upward movement. Wave three has extended and has 2.61 times the length of wave one (black).

Since the DYDX price nearly reached the 0.5 Fibonacci retracement resistance level at $2.66, it may create a local top soon.

The ensuing correction would be wave four in this increase, while wave five will likely take the DYDX price to the resistance mentioned above at $3.15.

Since there is no bearish divergence in either the RSI or MACD, it is unlikely that the entire increase has ended.

Rather, a possible decline will just be a short-term retracement, after which the upward trend will continue.

DYDX Yearly High

The weekly and daily DYDX readings are bullish, indicating the upward movement will continue. While the price could reach a short-term top soon, the upward movement will likely take it to $3.15 and possibly to a new yearly high.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected] LinkedIn X.com