Home
News
- 1 The DYDX price is currently trading at $2.962 with a change of -4.58% in 24-hour trading volume.
- 2 DYDX price went up 5.36% in the last 24 hours.
- 3 Whales have been accumulating DYDX since last month.
The investors are turning bullish on DYDX. The price is also providing a bullish indication which suggests that there are strong chances that the DYDX price may make a breakout with a strong movement following a bullish reversal. Whales have accumulated 24 million DYDX in the last 7 weeks.
Although there has been no recent noteworthy increase reflected in the price recently, that may change as the price is making a bullish inverted head and shoulder pattern. This pattern is considered to be bullish and is often observed at the beginning of a trend reversal.
With the whale activity, it seems like investors have a positive intuition regarding the whale price as can be seen by the accumulation of the 24 million tokens.
DYDX Price Trading Under the Supply Zone on the (Daily Time frame)
The weekly performance of the DYDX price saw a significant improvement recently. After taking support from the 200-day EMA, the price gained more than 22% of its value within the last 7 days. The DYDX token is ranked as the 102nd token in terms of market capitalization.
Technical indicators support this bullish movement although the oscillators are already trading near the overbought levels, suggesting that a bearish reversal is due.
Technical Analysis (1 Day Time frame )
DYDX price is currently trading above a conjunction of 20/50/100/200 EMAs, all the major key averages while the Simple Moving Averages are also trading in a bull trend. This factor provides significant support to the buyers as the price will not face resistance from either of them.
The recent resistance level for the DYDX price is around $3.000, whereas its major resistance level is at $3.500. The support point for the price of DYDX is near $2.400 and its major resistance is at $1.600.
The stochastic RSI is trading around a supply level of 98.17 points and the %K line crossed below the %D line facing rejection from the supply zone. The Stochastic RSI is providing a strong indication for a bearish move.
Conclusion
The major trend for the DYDX price is bullish, and the whale activity with an inverted head and shoulder pattern.
Technical levels –
Support – $2.400 and $1.600
Resistance – $3.000 and $3.500
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.
