Technical analysis by Tdawly_Official about Symbol DYDX: Buy recommendation (7/6/2024)

Trend and Key Levels Daily Trend: The chart shows a downward trend line that has been guiding the price lower. Support Levels: 1.275: Current support level. 1.194: Additional support. 1.190: Near the final support. 1.005: Final support level. Resistance Levels: 1.600: Initial resistance level. 1.890: Secondary resistance. 2.200: Higher resistance. 2.420: Strong resistance level. 2.730: The final cycle resistance level. Current Price Action Current Price: The price is currently at 1.312, having bounced from the recent support level around 1.275. Bullish Indication: The price has broken above the immediate resistance around 1.275, indicating a potential bullish reversal. Volume: An increase in trading volume typically accompanies a significant price move, suggesting the possibility of sustained momentum. Potential Scenarios 1.Bullish Scenario: If the price continues to move up, it will likely face resistance at 1.600, 1.890, 2.200, 2.420, and ultimately 2.730. Breaking through these levels will confirm a trend reversal and establish a new upward trend. 2.Bearish Scenario: If the price fails to hold above the current support level of 1.275, it might retest the lower support levels at 1.194, 1.190, and 1.005. A drop below these levels could signal a continuation of the downtrend.