DYDX Technical Analysis Jan 29

Today’s short-term outlook and key levels to watch

Short-Term Market Outlook

DYDX has declined by 7.20% in the last 24 hours, retreating to the 0.16 USD level. The daily range is limited to the 0.15-0.17 USD band, and volume remains at a moderate level of 47.09 million USD. The short-term trend is clearly downward; the price continues to stay below EMA20 (0.17 USD). The Supertrend indicator is giving a bearish signal and is testing the 0.17 USD resistance. RSI at 35.50 is approaching the oversold region, while MACD supports the downside momentum with a negative histogram. In the next 24-48 hours, pressure on altcoins may increase along with BTC’s parallel decline. The market is preparing for a critical support test; upward movements carry a risk of quick invalidation.

Intraday Critical Levels

Nearby Support Zones

The most critical nearby support is 0.1538 USD (score: 81/100), aligned with the lower end of the daily range at 0.15 USD. If this level breaks, a quick stop-hunt move is possible; momentum from the previous day’s lows could lead to a slide to 0.1480 USD. The second support layer at 0.1500 USD should be watched as a psychological zone, as it could form a strong base on the 1D timeframe. Positions below these levels carry high risk, and invalidation can be provided by a close above 0.1550 USD.

Nearby Resistance Zones

Nearby resistance starts at 0.1620 USD (score: 64/100), followed by 0.1654 USD (score: 70/100) and 0.1700 USD on the Supertrend line. Further up, 0.1792 USD (score: 71/100) is the main barrier. There is a short squeeze risk at these resistance points, but upward breaks may remain short-lived due to the bearish EMA position. For intraday scalping, a close above 0.1620 USD could be a trigger, with invalidation below 0.1600 USD.

Momentum and Speed Analysis

Short-term momentum is bearish; the MACD histogram is expanding negatively, while RSI at 35.50 signals a potential bottom formation but no divergence. Supertrend has flipped bearish and speed is in decline mode. On the 4-hour chart, volume profile shows accumulation around 0.16 USD, but BTC-led selling pressure dominates. Speed analysis: Average candle size over the last 6 hours is -1.2%, pulling intraday volatility into the 4-6% range. For momentum change, expect RSI above 50 and MACD crossover; the current setup suits short-biased short-term trades for scalpers but is risky.

Short-Term Scenarios

Upside Scenario

The bullish scenario is triggered by the price clearly breaking 0.1620 USD and closing above 0.1654 USD. In this case, the target is 0.1792-0.1849 USD (score:19), supported by a Supertrend flip. Trigger: BTC rebound above 84,900 USD. Invalidation: Close below 0.1600 USD, as this brings bearish continuation. Probability low (30%), offering quick scalp opportunities with RSI rebound, but against the overall trend.

Downside Scenario

Bearish main scenario: Activates with the break of 0.1538 USD support, target 0.1480-0.1263 USD (score:22). Momentum increases if BTC slips below 83,400 USD. Trigger: Close below 0.1550 USD and increasing volume. Invalidation: Recovery above 0.1580 USD. Probability high (65%), MACD and Supertrend aligned; quick downside momentum expected for short-term traders, but oversold RSI carries sudden bounce risk.

Bitcoin Correlation

DYDX shows high correlation with BTC (0.85+); as BTC fell -5.53% from 84,324 USD, altcoin pressure increased. BTC critical supports at 83,407 USD and 79,428 USD; if not held, DYDX slips below 0.1538. On the resistance side, if BTC recovers above 84,942 USD, DYDX could test 0.1620. BTC Supertrend bearish – be cautious with altcoins, dominance increase adds extra pressure on DYDX. Check links for DYDX Spot Analysis and DYDX Futures Analysis.

Daily Summary and Watch Points

Today’s focus: 0.1538 support test and 0.1620 resistance area. Watch points – 0.1550 USD (main trigger), BTC 83,400 USD (correlation), RSI below 30 (oversold bounce?). Watch for volume increase; 50M+ signals rising selling pressure, bearish. Use 1-2% risk/stop in short-term trades, position size not exceeding 2%. MTF has 12 strong levels (1D:1S/3R), 1W resistance heavy. No news flow, technicals dominate. Short-term trading is highly risky; the possibility of capital loss is high, this is not professional advice.