Technical analysis by ajmalanwar about Symbol DYDX: Buy recommendation (11/21/2023)

DYDX had formed a head and shoulder pattern with a left side slanting neckline. Normally this pattern indicates a downward trend. What is there to watch with DYDX and its pattern is that it sometimes might not continue downward with the Head and Shoulder pattern if you watch the fundamentals around this. Also the left shoulder more or less remain flat.The upcoming events and the release of new tokens could bring a hype which ca take DYDX to new heights. Ultimately on an economic aspect, more supply should bring in lesser demand and lower price.There is also to watch out the strong support levels. Support 1 which is backed by Fib and left shoulder line. Also the Support 2 which remains super strong. On a conclusive note, DYDX could turn negative up to 2.9 levels and could bounce back.This is not a financial advice. DYOR.