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The post <a href="https://coinpedia.org/price-analysis/dydx-price-reversal-eyes-explosive-10x-breakout-to-11/" rel="noopener noreferrer nofollow">DyDx Price Reversal Eyes Explosive 10x Breakout to $11</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the top names like Bitcoin and Ethereum struggling for a bounce back, the altcoins are back in action. Amid the top performers, the DyDx price trend teases a breakout run for a high-momentum bull run worthy of igniting FOMO among traders. So, will this breakout rally in DyDx account for a FOMO-worthy 10x gain in 2024?
<h2 class="wp-block-heading" id="h-falling-channel-in-dydx-log-chart">Falling Channel in DyDx Log Chart</h2>
In the daily logarithmic chart, the DYDX price action reveals a falling channel pattern. The falling channel accounts for a price drop of 78%, ranging from $4.37 to $0.90.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdzC2lC-7-AUE7WrzlOo3qz910DIwcPSLH6uEo_yUshZSdX59MKTEuMwKFAqxt4gjx3X7oHc5ZrCzC9ocIbQjRH454oW6078jlk8GM6xT09zxF0ItZMYiQgRwCVhhTK4EeHmfvFvNTFMCSsVuLj63UgSO7r?key=oSmMuXOCHV6_jcs7o9m2Og" alt="">
</figure>
<a href="https://www.tradingview.com/x/4Ug8NVf9/" rel="noopener noreferrer nofollow">TradingView</a>
Currently, the DYDX price action reveals a bullish cycle gaining momentum and heading towards the overhead resistance trend line. The DYDX price has increased by 20% in the last 11 days and has reclaimed the $1 psychological mark. Currently, the DYDX price trades at $1.1182 and an intraday growth of 0.78%.&nbsp;
Technical Indicators:
RSI: The daily RSI line shows a rising trend, ready to surpass the 50% halfway line. Bouncing from the oversold boundary, RSI reveals an underlying growth in demand.&nbsp;
MACD: The MACD indicator shows the MACD and signal line rising in positive alignment with intense bullish histograms.
Thus, the momentum indicators are bolstering the bullish possibility for DyDx.&nbsp;
<h2 class="wp-block-heading" id="h-where-is-dydx-price-headed">Where Is DyDx Price Headed?</h2>
Retracing the Fibonacci levels over the correction phase, the ongoing bullish cycle is still too far from the 23.60% Fibonacci level at $1.31. Hence, the DYDX buyers must surpass the two closely linked resistances: the 23.60% level and the declining trendline.&nbsp;
A breakout of these resistance levels will result in a massive trend reversal rally of high momentum. With the release of underlying tension, the DYDX price is expected to reclaim the $4.50 mark. Optimistically, the bull run can hit a new 52-week high of $11.533 at the 1.618% Fibonacci level by the end of 2024.

DyDx Price Reversal Eyes Explosive 10x Breakout to $11

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