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- 1 dYdX has recently hit a 24 hour volume of $1.05 Billion which is one of the biggest milestone
- 2 DYDX is currently trading in a weak consolidated trend. It is trading near the value of $1.97 with a small gain.
DYDX is a governance token for the layer 2 protocol decentralized exchange. The token helps to facilitate the operation of layer 2 and gives the community a way to contribute in the future of protocol. DYDX combines financial tools with decentralization which gives user a new way to trade. The protocol was founded by Antonio Juliano who is also a great blockchain programmer.
dYdX has a total number of wallets of 44,435 with 15582 wallets containing more than 100 tokens. Meanwhile, the total supply of the DYDX token is around 1,000,000,00 in which 15% of it is circulating in the market.The protocol is also observing a strong growth in the total number of transactions.Various analysts are expecting a strong growth in the asset price in the near future.
dYdX has a market cap of $306 Million and is ranked 93rd in the cryptoverse. The volume of the asset has seen a decrease of 18% in the intraday session. The Volume to market cap ratio of the asset price suggests a strong momentum in price.
dYdX Faces Resistance From DMA
dYdX is observing a weak consolidated momentum in the weekly technical chart. On the daily chart the asset price is trading near the value of $1.9 with a small drop in the intraday session. The upside trend of the asset price can see a halt near the value of $2.5. Meanwhile, the support of the token price can be observed near $1. dYdX is facing resistance from the 50 and 100 Daily Moving Averages. If the price jumps above the DMA then a strong momentum can be observed in the future.
The RSI of dYdX is near the value 47 suggesting its presence in the neutral zone. The overall sentiment of the indicator is neutral.
Summary
dYdX is currently observing a weak consolidated trend in the daily chart. It is currently observing a resistance near the Daily Moving Average. Many analysts are expecting a strong growth in the dYdX in the near future.
Technical Levels
Major Support:$1.5
Major Resistance: $2.5
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
