An increasingly popular crypto strategist believes that two decentralized finance (DeFi) tokens could be gearing up for breakouts.
Pseudonymous analyst Cantering Clark tells his 161,400 Twitter followers that DYDX, the native asset of decentralized exchange (DEX) dYdX, is trading above a key support level at around $2.84 and could be setting up to take out its diagonal resistance.
“Want to see DYDX really start to push here if this level is just a pit stop before continuation.”
In a new YouTube video, the analyst also says DYDX’s market structure looks really good while many altcoins are starting to flash signs of weakness.
“I think mostly about how this structure is holding the top side of a much larger structure… I would focus more on the fact that this is possibly a much larger breakout, and I would just want exposure here [$2.84]. As long as [$2.84 holds], in my opinion, it looks really good.”
At time of writing, DYDX is trading for $2.94, still above the trader’s support area.
Another coin on the trader’s radar is Synthetix Network (SNX), a DeFi platform that allows users to trade synthetic assets. According to Cantering Clark, SNX is another token that’s “showing signs of strength” as it continues to find acceptance above support at $2.54.
“No rejection really. The initial rejection, we’re kind of floating back up towards now. It looks like you have a little bit of a grind upwards that’s taking place.”
At time of writing, SNX is worth $2.83, well above the trader’s key level.
The crypto strategist also says that either DYDX or SNX could “perform very well” in the next market cycle.
“Both SNX and DYDX are still outperforming the last week, and in this recent bounce capturing more than the rest of the market.
Something tells me at least one of these will perform very well next cycle.”
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