On The Weekly, DYDX officially in the middle of an extremely coiled up volatility squeeze.
Looks like we'll have a breakout signal direction showing up soon.
Consistently Rejected the upper-bound $2.26 range on the Weekly Time Frame.
- 🟧 Volatility Squeeze Channel. (Gold Shaded Area)
- ♦️ Red Diamonds
- 📈 Red Trend-line
- Yet we have a diminishing of negative volatility momentum.
Looks like a retest of $1.65, the absolute lower bound of the range is in play.
On the Daily we're seeing
- 📈 Consistent rejections right on the red-trackline.
- ♦️ Red Diamonds
- 🔶 Failed Golden Diamond momentum reversals.
These indicators behind the scenes perform the work of hundreds. So we're seeing negative confluence littered across an entire spectrum of categories for this asset.
That being said, DYDX is still a global leading behemoth in the DEFI Perpetual space. With no slowing down. The downside we're seeing could be an opportunity for those where this fits into their portfolios appetite.
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