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- Project postponed the token unlock to Q4.
- DEX suspended L2 transfer feature.
- Prices rose by more than 100% in the last 7 days.
In a blog dated Jan 25, the project itself announced it had postponed the token unlock until the fourth quarter of 2023. Token distribution to early investors and dYdX founding team members was initially scheduled for Feb 3 but is now adjourned until December. Per the announcement, the unlock will eventually take place, which means the current trend may take turns once it is unlocked.
dYdX, a DEX that supports the perpetual trading of crypto assets, including ETH and BTC, has suspended the Layer 2 transfer facility. The step taken follows a recommendation made by the legal team and aims to seal a potential exploit.
Furthermore, the platform has stated that the L2 transfer feature will be shipped once they activate dYdX v4. This reactivation will launch the derivatives protocol as a standalone interoperable blockchain based on the Cosmos software development kit. dYdX currently exists on the Ethereum L2 network StarkEx, but soon plans to transition to its blockchain within the Cosmos ecosystem.
The Pictorial
The prices witnessed a bullish breakout, reaching to mid-2022 price ranges. DYDX prices rose by 105.97% in the last 7 days and by nearly 29% in intraday. The volume saw a rise in buying pressure with rising OBV suggesting the pressure to be positive. The EMA ribbon lies beneath the price action occurring and forms a possible bullish crossover.
The CMF floats in the positive zone to reflect the ongoing bullish momentum. The MACD records ascending buyer histograms while the lines diverge for the bulls. The RSI finds a spot in the overbought zone, mirroring the buyer-dominance.
The Peephole
The smaller time frame shows prices rising along with sellers wishing to book profits. The CMF reaches heights in the zone above the baseline, hinting at more bulls approaching. The MACD records a blend of buyers along with sellers as the lines tangle before diverging for the bulls. The RSI after imaging the overwhelmed purchases, retraces to the 60-70 range, suggesting a temporary price reversal.
Conclusion
The derivative DEX plans to take a few hard steps for the betterment of the platform. The postponed token unlock may have a longing effect on the token and may change once executed. The rally might face resistance near $3.90.
Technical levels
Support levels: $1.90 and $1.00
Resistance levels: $3.90 and $4.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
