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First, we called out that $3 area as being a really important support level. We wicked below it but have started reclaiming that level and the upward trendline, which is great👍.
We also pointed out a Fibonacci retracement level aligning with that support, putting us in a solid buy zone. If buyers step in here, we could see a double top form up around $4.40.
Now, if price keeps dropping, this whole area is still a key accumulation zone on DYDX. We're not even close to breaking weekly support. But we'd rather see us reclaim $3 first for a safer setup targeting the previous highs.
Basically, right now, $3 is the big level to watch on the daily chart. Reclaim that, and the uptrend may resume. If we lose it, we could go deeper, though longer-term buyers may step in.
Either way, it’s a solid case for accumulation here!
TLDR: the main things to note on dYdX;
- Watch $3 to hold as support.
- Doublecheck that it aligns with the Fib level and trendline.
- It’s a good buy zone either way, but it's safer if $3 holds.
- Targets around $4.40 if we bounce.
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