dYdX (DYDX) Price Prediction – When will DYDX hit $10?
According to a recent blog post, the decentralized derivatives exchange, dYdX, has postponed the release of its DYDX token to investors until the end of the year. Following the news reported by The Block, the DYDX token experienced a surge of as much as 21%, trading at $1.95, up 15%.
Originally, 150 million tokens were slated to be distributed to early investors and dYdX's founding team members on February 3rd, but those plans have been postponed until December.
Since its establishment in 2017, dYdX has grown into one of the leading decentralized exchanges for trading perpetual, a trading product similar to futures contracts but without a set expiration date.
There are only 16%, or 156,256,174 DYDX tokens, in circulation, where the current market cap is $484,467,893. A 30% decrease in trading volume was seen in the last 24 hours as the investors' sentiment was shifted to US Dollar.
Should you buy the dYdX token now?
Let’s see the complete dYdX (DYDX) Price Prediction from the DYDX Forecast:
DYDX/USDT Bulls Awaits For A Downside Correction
In the higher timeframe chart, DYDX/USDT is trading with an extreme buying interest, initiated from the 1.008 swing low. However, the sustainability of the bullish momentum is questionable as the current price is already 208% higher than the 1.008 low.
In the daily chart, the highest trading volume level since November 2022 is spotted at 1.167 level, which is below the current price. However, the price is already trading 160% higher from the high volume level, which increases the possibility of downside pressure as a mean reversion.
If we identify the current tradable area, 7.158 would be the top of the range as strong buy-side liquidity grabs with a bearish Quasimodo formation are seen from this level. However, on the downside, there is no significant liquidity grab seen, but a double bottom formation at 1.008 would be a significant low. As the current price reaches the premium zone of the range, a minor downside correction is pending for the coming days.
In the indicator window, the RSI is extremely bullish, reaching above the 70.00 level, which signifies that the price has reached its peak. In the main chart, the dynamic 20 EMA is still below the price, where more confirmation is needed before opening a short position.
Based on the DYDX/USDT daily price prediction, downside pressure and a daily candle below the 2.726 support level could lower the price in the coming days. In that case, the ultimate pressure is to look for short opportunities targeting the 1.400 psychological level.
The alternative approach is to wait for an immediate bullish rejection from the dynamic 20 EMA and aim for the 7.00 psychological level.
DYDX/USDT Ichimoku Cloud Analysis
In the intraday H4 dYdX price today, the price trades under extremely bullish pressure, where a stable price above the Kumo Cloud is seen. The price is consistently making higher highs, which is a sign of a valid bullish trend. Moreover, the most recent price shows a downside correction within a descending channel. It is a sign that bulls are active in the market, and they can regain momentum at any time.
In the future cloud, the Senkou Span A and B are aiming higher, while the Lagging Span also supports bulls. The indicator window shows the same story, where the current TDI level reached the lower band level.
Based on the H4 price prediction, a bullish breakout from the channel would confirm the bullish trend continuation pattern and open rooms for reaching the 5.500 level.
The alternative approach for the dYdX selling possibility is to wait for the price to come below the 2.510 level, which will open the room for reaching the 1.517 support level.
DYDX/USDT Intraday Price Action Analysis
In the H4 dYdX (DYDX) Price, the visible range high volume level is at 1.386, which is below the current price. Moreover, the gap between the current price and high volume levels has expanded.
The immediate support level in this market is at 2.920, while the current price is trading within a descending channel. Moreover, the dynamic weekly VWAP is below the price, and acting as a support level.
Based on the current intraday price structure, downside pressure is possible if the price comes below the 2.514 level with a bearish H4 candle. On the other hand, an immediate bullish recovery from the descending channel could resume the current trend toward the 5.500 level.
Is DYDX/USDT A Buy?
Based on the current price analysis, the DYDX/USDT price is more likely to show a downside correction before resuming the existing trend. Investors should closely monitor how the price trades at the near-term support level to spot the high probable trend trading opportunity.
Leave a Comment