- DYDX price is likely to head back down and test the demand zone between 1.28 and 1.36.
- Investors can still expect NEXO to decline and collect liquid investments below 0.55.
- Investors can expect RUNE price to come back sweeping the 1.74 level.
The 4-hour chart for dYdX (DYDX) indicates that the price managed to break through the descending trend line and managed a breakout followed by an 18% rise.
DYDX price then attempted to break above the 1.62 resistance level but failed. In other words, buyers are overwhelmed by selling pressure.
This means that the price of DYDX should come back down and test the demand zone between 1.28 and 1.36.
On the other hand, when you look at NEXO, it hasn’t broken out yet. On top of that, there was quite a bit of liquidity remaining below the 0.55 lows.
This means that investors can still expect NEXO to decline and collect liquid investments below 0.55.
There is still a chance for NEXO to test the trendline and then head back down. This could be supported by the fact that the 30-day and 1-year MVRP for NEXO are negative, indicating that there is a possibility of an uptrend followed by a downtrend.
According to CoinMarketCap, NEXO is currently worth $0.6122 after a 4.57% increase in price.
Looking at the chart above, you can see a high resistance level at 3.01, which THORChain (RUNE) attempted to retest.
That being said, there is still liquidity below 1.74 for RUNE, which means investors can expect the price to return to sweep the 1.74 level, although the timing of that will is not yet clear.
RUNE is currently trading at $2.15 after an 8.80% price increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies