When analyzing Dydx on a daily timeframe, it’s evident that it has been consolidating for over a year following a significant decline. Although it once managed to break above its established trading range, this move proved to be a deviation, as the price eventually re-entered the range and retraced to the 0.5 level.
For those monitoring Dydx, the initial support zone to keep an eye on is between $1.86 and $1.76, while the first resistance area is pegged at $2.29. If the price breaches the support zone, it might seek to clear the liquidity at the Range Low, which is at the $1 mark. Should it successfully overcome the $2.29 resistance, its next target would likely be the Range High level at $2.71.