✴️ DYDX | Corrections & Retraces (Name Your Altcoin #34)As you can see from this chart, DYDX has already grown a lot compared to other altcoins.
You can tell by noticing that it already challenged, almost, EMA50 on the weekly timeframe.
The charts/pairs that we are calling "early" just moved above EMA10/EMA21 and are yet to reach EMA50.
When we see this, we know that they are is strong potential for growth.
When we see that they already hit EMA50, while the growth potential is still there mid-term, short-term there can be corrections and retraces.
The bias mid-term (1-3 months) is absolutely bullish, but since this is one of the big ones, one of those that moved first, money flowing out of DYDX can move to other smaller projects that are yet to move.
After six weeks of green, you can see something like this:
Notice the red arrow.
Notice that the support stays around EMA21 (slate) and EMA10 (green).
As these levels were conquered as resistance, they need to be tested as support to see if they hold.
Now, this can also continue straight up.
Please read the The Graph (GRTUSDT) trade idea I just published as #33 of the "Name Your Altcoin" series, there you can see why we prefer the altcoin pairs that are low/near support.
I am mapping two targets for you that for me are high probability even after everything that we've seen so far.
125% and 245%.
This is based on many assumptions, many deductions, lots of chart reading, book readings, experience and more.
You can read the article "🅱️ 30 Trade Ideas Prove The Future Can Be Predicted | BTC Rally" in the 'Related Ideas' below to gain a better understanding as to how I reach my conclusions.
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Let's enjoy and grow together my friend.
Namaste.
