Based

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The post <a href="https://coinpedia.org/price-analysis/dydx-price-downfall-intensifies-will-buyers-find-the-bottom-at-0-72/">DYDX Price Downfall Intensifies: Will Buyers Find The Bottom At $0.72?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Amidst the increasing broader market volatility, altcoins maintain a polarizing approach. While some ride the bullish highway, altcoins like DYDX have witnessed a massive price drop over the weeks. As the downtrend continues, the following support levels are potential buying spots to capture the bottom.&nbsp; 
<h2 class="wp-block-heading" id="h-another-bearish-pennant-in-dydx-nbsp">Another Bearish Pennant in DYDX&nbsp;</h2> 
In the daily chart, the massive downfall in the DYDX price trend is clear, with a 78% fall from $4.37 to $0.92. However, in the recent bullish cycle, the altcoin reclaims the $1 psychological mark, aligning with the broader market recovery.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdnvCvDZ-P0QhU9e-YnFEAoEFH076rem0SePDmfBddyo_cN54YZ79AaQzdevchLK7G8AVyyheZ-wOpv5Gvfxvn9ZGl8U324le6euDg51Kd03lQOOC7nk-2QjUhA2o-3x98lmLfK-2kuBvPJVVx1ufNwGjc?key=oSmMuXOCHV6_jcs7o9m2Og" alt="">
</figure> 
<a href="https://www.tradingview.com/x/5ny51xrb/">TradingView</a> 
In the daily chart, the bearish trend leads to the formation of a resistance trendline, undermining multiple bullish attempts of trend reversal. DYDX shows a falling channel and consolidation range breakdown during the falling price trend.&nbsp; 
Currently, the DYDX price trades at $1.07 with an intraday gain of 3.18% and tests the short-term resistance trendline. However, the recovery run in the DEX token forms a rising wedge, limiting the chances of uptrend continuation.&nbsp; 
Technical Indicators: 
RSI: The daily RSI line shows a minor recovery run starting from the oversold region and surpassing the 30% boundary. As it heads to the halfway line, the recovery run seems a minor relief in the downtrend.&nbsp; 
EMA: The downtrend in the DYDX price results in a bearish alignment of the 50D, 100D, and 200D SMA. Further, the 50D SMA provides dynamic resistance.&nbsp; 
<h2 class="wp-block-heading" id="h-where-is-dydx-price-headed">Where Is DYDX Price Headed?</h2> 
Based on the Elliot waves, the first phase of the 5-stage correction and an ABC pullback is complete. Currently, the second phase of the 5-stage correction rally is in the fourth cycle.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdxoBDpIVNijPcA65BEd4uKEyJmgW4ENT62cbfTqtYu5Va4veRaimdK8S3HK4Y6kDlfEs_vQYJ4-weiOKHBwLqEiaIU0ZdGv2k_BtRiVzKB2BVTD3_KnExf7gai1dRUc2Ks6WMSCjwkjAMuCre7_UKaWLmH?key=oSmMuXOCHV6_jcs7o9m2Og" alt="">
</figure> 
<a href="https://www.tradingview.com/x/7494106n/">Tradingview</a> 
Hence, the chances of another downfall for the DEX token are high. The next support levels are $0.91, $0.84, and $0.72. With the end of the fifth cycle, a bullish breakout of the overhead trendline will be a buying opportunity for a long-term uptrend.&nbsp;

DYDX Price Downfall Intensifies: Will Buyers Find The Bottom At $0.72?

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