Cryptocurrencies Price Prediction: DYDX, Bitcoin & Crypto – European Wrap 30 January

Can DYDX price overcome two critical hurdles and rally 25%?

DYDX price is making another comeback that could lead to handsome gains if it is successful. Investors need to watch out for the 12-hour momentum indicators, which clearly signal an imminent explosive upward move for the altcoin. 

DYDX price created a range, extending from $2.84 to $4.36, as it shed 35% of its value between November 15 and 21. The range low at $2.84 played a key role in supporting the price action up to January 3. But a sudden selling pressure spike back then pushed the altcoin to breach the support floor and flip it into a resistance level.

Bitcoin price could rally as buying power increases with rise in exchange stablecoin reserves

Bitcoin (BTC) price recovers above $43,000 on Tuesday after its recent correction, which led to a fall from a two-year high of $48,969 to a low of $38,555. 

Analysts at crypto intelligence tracker Santiment said that Bitcoin’s bull cycle, which started in October, is likely to continue as Bitcoin supply on exchanges has been in a downward trend since August. Dwindling exchange reserves are considered typical of a decline in selling pressure, which supports the thesis of a price recovery.

Major altcoins leading the crypto recovery

The cryptocurrency market has added over 2% in the last 24 hours. Bitcoin gained 3% during this time, Ethereum rose 1.75%, while Solana and Cardano outperformed the market, adding 5.7% and 8.3%, respectively. The outperformance in major altcoins points to a broadening of participant interest beyond the two largest coins. But don't expect sustained demand for smaller altcoins or meme coins this year - it usually happens after a prolonged bull market.