dYdX has announced that it will cease serving Canadian consumers within the following week. The company began winding down its services in Canada on April 7, when it suspended the registration of new users. On April 14th, existing Canadian users were relocated to "close-only mode," allowing them to withdraw funds but not engage in any new transactions.
The decision to withdraw from the Canadian market was prompted by Canada's increasingly restrictive regulatory environment for cryptocurrency exchanges. Since the collapse of FTX, this trend has accelerated, and regulators are expected to issue updated guidelines shortly.
Despite the closure, dYdX has reiterated its commitment to product transparency and its mission to democratize access to financial opportunities. The company anticipates that Canada's regulatory climate will strengthen over time, allowing it to resume operations in the country.
No significant downside pressure has been seen since the news release, which is a sign that Bulls are still interested in buying this token.
There are 156,256,174 DYDX in circulation, which is nearly 16% of the overall supply. The current market cap of this token is $422,260,789, while the trading volume for the last 24 hours was recorded as $95,805,640.
Let’s see the dYdX (DYDX) Price Prediction from the DYDX/USDT technical analysis.
dYdX Range Extension Could Test The 3.295 Resistance Level
In the monthly chart, DYDX/USDT showed strong buying pressure as the March 2023 close came with a long wick on the downside. Later, the current price trades above the March 2023 close, while the lower timeframe price action supports bulls.
This technical analysis shows the daily price of dYdX, where the current price trades sideways within an ascending channel. As the price trades within a strong bullish trend, any long opportunity could offer a higher success rate.
The bullish limit in the current tradable range is at 3.295, from where a bullish sweep and bearish pressure came. On the downside, a similar price pattern is visible at the 2.133 level, which would be the lower level of this zone. A downside correction is pending as the current price is trading at the premium zone, but the broader outlook would remain bullish until the price reaches the 3.295 level.
In the most recent chart, multiple demand zone formation is a sign of a strong bullish trend where the latest zone is at the 2.471 to 2.376 area. Therefore, any bullish rejection from this area could offer a high probable buying opportunity, where the ultimate target is to test the 3.295 level.
On the other hand, bears should overcome several barriers to take the price in their direction. The ideal approach is to find a daily candle below the 2.133 level, which is the last hope for bulls. Below this level, the bearish opportunity is available, targeting the 1.755 support level.
DYDX/USDT Ichimoku Cloud Analysis
In the H4 chart, the current market outlook is bullish as the recent price is stable above the dynamic Cloud support. However, multiple violations are seen above or below the cloud area, signaling a corrective price action. Therefore, investors might expect impulsive pressure once the correction is over.
The Senkou Span A is above B in the future cloud and aimed higher. It indicates that short-term bulls are active in the market while long-term traders are still bullish. The Lagging Span is also above the price, signifying a bullish trend trading opportunity.
The Traders Dynamic Index (TDI) shows buying pressure in the indicator window as the current TDI level is above the neutral line.
Based on the H4 dYdX Price Prediction, a bullish trend continuation will likely happen in the DYDXUSDT price. However, a minor downside pressure may come but break below the 2.376 level with a bearish H4 candle could eliminate the bullish structure and lower the price towards the 2.00 area.
DYDX/USDT Intraday Price Action Analysis
In the H4 chart, the current price is trading higher above the visible range high volume level, which is the primary indication of possible buying pressure. Moreover, a bullish break of structure above the 2.718 swing high is another sign of buyers' presence in the market.
Dynamic levels support the recent upside pressure from the 2.376 as the current 20 EMA support is below the price. Moreover, the indicator window shows a similar sentiment where the current MACD Histogram is above the neutral line.
Based on this structure, the bullish pressure may extend after a considerable correction. However, breaking below the 2.376 level with a bearish H4 candle might limit the buying possibility and open rooms for testing the 2.00 area.
Is DYDX/USDT A Buy?
Based on the current market outlook, dYdX is more likely to extend the buying pressure in the coming days. Investors should closely monitor the intraday price action to find a reliable bullish rejection to join the daily trend.