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<p>Decentralized derivatives exchange dYdX’s native token, DYDX, is showing signs of a possible bullish breakout from its recent descending channel, according to analysis from prominent crypto analysts.</p> 
<p>Crypto trader <strong>World of Charts</strong> notes that DYDX has been consolidating within a descending channel on higher timeframes. However, it is now retesting channel support and bouncing, leading World of Charts to <a href="https://twitter.com/WorldOfCharts1/status/1749427522201137586" target="_blank" rel="noreferrer noopener nofollow">expect</a> a breakout soon:</p> 
<p><em>“DYDX Overall Consolidating In Descending Channel In H12 Tf Now Retesting Perfectly &amp; Bouncing From Strong Support Area Expecting Descending Channel Breakout Soon.”</em></p> 
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<p>My Crypto Paradise also <a href="https://twitter.com/iCryptoParadise/status/1749309012330574218" target="_blank" rel="noreferrer noopener nofollow">highlights</a> the descending channel that DYDX has been trading in, with two unsuccessful tests of channel resistance already. They note that DYDX is now rising from demand around $2.55, stating:</p> 
<p><em>“Currently, it is rising for a bullish continuation from the demand level of $2.550. If it maintains its upward momentum, it could reach the supply zone above $4.240.”</em></p> 
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<p>However, My Crypto Paradise cautions that DYDX needs to hold the $2.228 level on any pullbacks. Otherwise, falling below this could “trigger a significant bearish drop.”</p>  
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<p><strong>In summary</strong>, DYDX appears poised for a breakout from its recent descending channel, which would turn the near-term outlook decisively bullish with upside targets around $5-6.</p> 
<p>Key levels to watch are the channel resistance around $3, the $2.55 demand zone, and $2.228 support. A successful breakout could spark the next leg higher, while failing to hold the $2.228 support risks a deeper bearish decline.</p> 
<p>Traders should watch for a breakout or breakdown in the coming sessions to signal DYDX’s next significant directional move.</p> 
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<p>The post <a href="https://captainaltcoin.com/dydx-faces-potential-breakout-from-descending-channel-analyst-eyes-6-if-this-happens/">DYDX Faces Potential Breakout From Descending Channel, Analyst Eyes $6 If This Happens</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

DYDX Faces Potential Breakout From Descending Channel, Analyst Eyes $6 If This Happens

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