DYDX price at a critical point, then "make it or break it"
Updated
The DYDX price is now at a critical point
On the one hand, the DYDXUSDT price is at the bottom of the trade that lasts for the last 6 months
This price gives a good entry point for a medium-term trade +130% to $2.72 or a long-term trade +480% to $6.84
Stop for both positions below $1. The profit/loss ratio is more than adequate.
What part of the deposit to buy DYDX, for the medium or long term and whether it is worth buying at all depends only on you and a little more on the market)
This was the positive side of our analysis.
On the other hand, the trend of DYDXUSDT will change only after the price consolidates above $2.72. And this may not happen, because on 17.01.23, 5.7 million coins are to be sold, which will be 0.57% of the maximum possible supply of DYDX and +4% to the current number of coins in circulation.
And from February 2023, investors, consultants, and other early participants of the project will acquire ownership of DYDX, and we are talking about 100+ million coins
The increased supply of coins on the market, according to the law of supply and demand, can significantly push the price down.
The closer the DYDXUSDT price will approach $1, the higher will be the chance that the fall to $0.58 will not be avoided, and with it the development of the red scenario.
For some, this will sound like a total negative, and for others as a chance to buy at a more favorable price.
Earlier, in early November 2022, the price of DYDXUSDT showed a sharp increase from $1.20 to $2.72 in a week. During this period, there was a lot of negativity around the FTX exchange and its subsequent bankruptcy. It is very likely that then crypto users transferred assets from centralized crypto exchanges to decentralized DYDX.
It is difficult to predict what will happen this time, but the only thing we can control in the crypto market is the risks we are willing to take on a personal deposit.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
On the one hand, the DYDXUSDT price is at the bottom of the trade that lasts for the last 6 months
This price gives a good entry point for a medium-term trade +130% to $2.72 or a long-term trade +480% to $6.84
Stop for both positions below $1. The profit/loss ratio is more than adequate.
What part of the deposit to buy DYDX, for the medium or long term and whether it is worth buying at all depends only on you and a little more on the market)
This was the positive side of our analysis.
On the other hand, the trend of DYDXUSDT will change only after the price consolidates above $2.72. And this may not happen, because on 17.01.23, 5.7 million coins are to be sold, which will be 0.57% of the maximum possible supply of DYDX and +4% to the current number of coins in circulation.
And from February 2023, investors, consultants, and other early participants of the project will acquire ownership of DYDX, and we are talking about 100+ million coins
The increased supply of coins on the market, according to the law of supply and demand, can significantly push the price down.
The closer the DYDXUSDT price will approach $1, the higher will be the chance that the fall to $0.58 will not be avoided, and with it the development of the red scenario.
For some, this will sound like a total negative, and for others as a chance to buy at a more favorable price.
Earlier, in early November 2022, the price of DYDXUSDT showed a sharp increase from $1.20 to $2.72 in a week. During this period, there was a lot of negativity around the FTX exchange and its subsequent bankruptcy. It is very likely that then crypto users transferred assets from centralized crypto exchanges to decentralized DYDX.
It is difficult to predict what will happen this time, but the only thing we can control in the crypto market is the risks we are willing to take on a personal deposit.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
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