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dYdX (DYDX)dYdX (DYDX) The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus. The DYDX token serves as the L1 protocol token for the dYdX Chain, as determined by the dYdX community through governance. dYdX failed to attract investors after a sharp fall. The daily chart highlights the formation of several weak and indecisive candles indicating loss of buyers interest. dYdX price currently seems to be struggling near the 20 day EMA. Now if the price suffers rejection near the 20 day EMA and selling pressure exceeds, dYdX price may slide towards the lower demand of $1 level. However, if the bulls are able to overcome 50 day EMA at $1.57, it may continue to surge higher.
CRYPTO:DYDXUSDLong
by Ritika_TCR
dYdX Crypto inches Closer To An All Time Low: What's Next?dYdX Crypto inches Closer To An All Time Low: What's Next? The broader crypto markets crash resumed on the second day as BTC loomed below 55K, adding pressure to the altcoins. The dYdX crypto has neared at a risk of falling to an all time low value after losing 5% in Intraday. Bloodbath in the crypto markets resumed on the second consecutive day after the Bitcoin stepped down below the $55K in today’s trading session. The blue chip cryptocurrencies like Bitcoin and Ethereum were down nearly 2.5 to 3% at the time of writing. In conjunction with the broader markets fall, the dYdX crypto lost traction and suffered by over 5% in intraday adding to a total of 60% in the past three months. With the recent fall the dYdX crypto has neared closer to the risk of crashing below an all time high. The dYdX Chain operates as a proof-of-stake blockchain network, constructed using the Cosmos SDK and utilizing CometBFT for achieving consensus. The DYDX token serves as the primary protocol token for the dYdX Chain, established as such by the consensus of the dYdX community governance. dYdX Crypto Volume And Volatility Analysis The dYdX crypto saw the inception of its bearish phase in the April Month when the price loomed below the 200 day Exponential moving average. Since then the price could not reclaim the bullish territory and continued to slide lower. Moreover, The volume analysis showcases that there has been a sharp rise in the transaction volume in the recent sessions. The intraday volume has surged by 214.91% to $67.318 Million a day indicating the increased seller's interest. The volume to market capitalization ratio has surged to 9.65% indicating mild volatility in the crypto. out of a total 766.65 Million DYDX tokens, 593.5 Million tokens are currently in circulation. Can Bulls Defend the Price From Sliding To An All Time Low? The weakness in the broader crypto markets have put a lot of pressure on the altcoins. dYdX has crashed towards An All time low losing 18% a week and 44% a month. The dYdX crypto currently hovers below All the key exponential moving averages of 20, 50 and 200 days suggesting a bearish outlook. Moreover, The bears seem to be dominating intraday which may drag the price below the All time low. At the time of writing, the dYdX crypto was hovering close to $1.03 with an intraday drop of 5.03%. The RSI and 14 day SMA line have slipped below the 30 level indicating an oversold scenario. However, a bearish crossover of both the lines was observed indicating a bearish continuation in the short term. What To Expect From dYdX Next Week? The broader crypto market has been facing a severe downturn, with Bitcoin falling below $55K. The dYdX crypto has been hit hard, dropping over 5% today and 60% over three months. with the recent fall the DYDX has neared its all-time low. Moreover, the transaction volumes have spiked, suggesting increased selling pressure. Now, if the selling pressure resumes, the DYDX crypto may slide to a new record low extending a bearish trend. The RSI and SMA have stepped in the oversold territory, with a bearish crossover pointing to potential further declines.
CRYPTO:DYDXUSDShort
by Ritika_TCR
Analysts Predict 30% Surge in dYdX Price Above This Critical levAnalysts Predict 30% Surge in dYdX Price Above This Critical level The bulls are actively striving to maintain the key psychological support level at $2 level. Despite the broader recovery in the crypto market, dYdX has yet to experience a significant rebound, suggesting a room for movement. Amidst the market's general upswing and recent favorable news, various cryptocurrencies climbed the ranks. Yet, dYdX crypto could not capitalize significantly on the market's revival and was losing the gains in intraday. Nonetheless, the bulls are attempting to safeguard the crucial $2 threshold, endeavoring to prevent any additional decline. Let's analyze using different metrics and data whether the current buying momentum is potent enough to alter the prevailing trend, or if sellers are poised to seize another chance to enter the market at a lower price. Improved Social Sentiments Could Increase Volume Inflow? Data from the financial analytics platform app.santiment.net reveals that bullish sentiment is on the rise, as evidenced by social sentiment metrics such as social volume and social dominance. These indicators show signs of improvement in engagement from users across social media platforms, including X (Twitter), Telegram etc Furthermore, Social dominance is a gauge of the frequency and intensity with which a cryptocurrency is discussed within the community. An uptick in these social metrics often correlates with positive price movements. Additionally, heightened social interaction may translate into increased trading volume. As of Now, the volume influx is modest, pointing to less committed investors driving the purchases. A substantial increase in trading volume is essential for a potential trend reversal in price. According to coinmarketcap.com, the intraday trading volume was recorded at $50,497, marking a decline of nearly 16% from the previous day. The volume-to-market cap ratio stands at 4.65%, indicating relatively low volatility for the cryptocurrency. Can dYdX crypto Bounce Towards the $3 level? The ascent to the $3 mark hinges on a decisive breakout of $2.16 level. The daily chart discloses that the price has successfully shattered a prolonged two-month trendline resistance, signaling early signs of a breakout. Yet, to truly shift the momentum to the buyers' side, a robust influx of buying volume and a consistent position above the $2.1 mark are imperative. Should this breakout materialize effectively, the cryptocurrency could potentially exhibit a 30 to 40% surge, setting its sights on loftier objectives of $2.5 and $3. Conclusion. Despite the broader market recovery, dYdX crypto struggled to retain intraday gains, with bulls defending the $2 level. Social sentiment metrics from app.santiment.net show increased user engagement, hinting at a positive price trend. However, current trading volumes suggest participation by less committed investors. Moreover, For a price reversal, higher volume inflows are crucial. As per data obtained from Coinmarketcap.com a 16% drop in intraday volume, with a low volume-to-market cap ratio indicating minimal volatility was noted. A successful push beyond $2.16 could lead to a 30-40% price increase, targeting $2.5 and $3 levels.
KRAKEN:DYDXUSDLong
by Ritika_TCR