dYdX (ethDYDX)Long
DYDX bottom is in?
Updated
DYdX is currently the fifth-largest decentralized derivatives exchange by total value locked (TVL).
Since March 2024, DYdX has lost 80% of its value, with one of the potential reasons being the departure of its CEO in May 2024. However, with the CEO's return, there is potential for the company’s situation to improve.
From a technical perspective, the price is now sitting at the support trendline of a descending channel on the 2W TF. I am initiating a buy position here, with
- TP at $3.5
- Invalidation level at $0.73 (on weekly TF)
Note
DYDX is breaking the weekly resistance
+44% since entry
Trade active
+92%
Trade closed: target reached
+167% from entry
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