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dYdX's (DYDX) Buying Momentum DecreasingdYdX (DYDX) DYDX has surged more than 200% over the first three weeks of November. This growth is primarily linked to the cryptocurrency project's recent launch of its own blockchain, which increased the visibility of the dYdX exchange and boosted the demand for its token. At present, DYDX is trading between a support zone of $2.80-$3.15 and a resistance range of $3.50-$3.75. A slightly higher seller's zone is observed at $4.00-$4.35. Testing this higher range is seen as the next step in maintaining the upward trend. Nevertheless, the likelihood of reaching a new yearly high seems uncertain due to the gradual waning of the buying momentum. In the event of a correction, DYDX could potentially fall back to support levels of $2.15-$2.40 and $1.8-$2.0. It's also crucial to consider fundamental factors, such as the significant unlocking of DYDX coins that took place at the beginning of November. In a scenario where the price drops, the market might witness a substantial sell-off of coins, which could further negatively affect the asset's price.
by DEXWireNews
DYDX showing clear indicationDYDX had formed a head and shoulder pattern with a left side slanting neckline. Normally this pattern indicates a downward trend. What is there to watch with DYDX and its pattern is that it sometimes might not continue downward with the Head and Shoulder pattern if you watch the fundamentals around this. Also the left shoulder more or less remain flat. The upcoming events and the release of new tokens could bring a hype which ca take DYDX to new heights. Ultimately on an economic aspect, more supply should bring in lesser demand and lower price. There is also to watch out the strong support levels. Support 1 which is backed by Fib and left shoulder line. Also the Support 2 which remains super strong. On a conclusive note, DYDX could turn negative up to 2.9 levels and could bounce back. This is not a financial advice. DYOR.
Long
by ajmalanwar
dYdX token sell off preasure and short trade📊 Bazistrades|Trades|DeFi|FinTech| 🔲 Summary The controversy surrounding the dYdX tokenomics and staking rewards just before a significant raises concerns within the crypto community, as critics argue that staking appears favorable to insiders, potentially leading to a substantial sell-off and price pressure. According to TokenUnlock, on December 1, the unlocking of dYdX tokens will increase their circulating supply by almost 80%, from 190 million to 340 million 🔲 Survey As the mainnet of dYdX's first layer launches, offering staking rewards, disputes arise over the timeframe of the staking rewards set just weeks before a significant token unlock. It's worth noting that the unlocking of 150 million DYDX tokens in December 2023 will double the circulating supply and may lead to substantial selling pressure from investors. The to introduce staking rewards right before a major token unlock raises questions in the crypto community, with concerns that dYdX staking might be overly advantageous for insiders. Additionally, tokens owned by dYdX insiders can participate in staking and receive rewards. Detailed analysis of DYDX holders, including insiders, market makers is provided by Data Nerd on X dYdX founder Antonio Juliano on X that staking rewards will be paid in "hard currency – US dollars." Dennis Liu, a well-known crypto venture investor and YouTuber, emphasized that the dYdX token unlock schedule has always been public, and the tokenomics remained unchanged. However, he noted that dYdX has been less transparent regarding the ability of insiders and investors to stake their portion of locked tokens. In response to criticism of the dYdX staking activation, Juliano highlighted that the team has been in existence for "6.5 years." 💬"We are not leaving the project; we are building something greater. And we will work to earn your trust over time," Juliano wrote. The price of the dYdX token increased by 35% during the week of the beta mainnet launch. However, the token unlock increases the supply, often leading to selling pressure and price declines. According to TokenUnlock, the unlocking of dYdX tokens on December 1 will almost double their circulating supply, from 190 million to 340 million. 🔲 Trade Setup Given the concerns and the potential impact of the token unlock on the price of dYdX tokens, I am inclined to open a short position. I will start accumulating a short position within the range of $3.963 - $4.520, considering the possible selling pressure. The decision to introduce staking rewards just before a major token unlock, coupled with concerns about transparency, raises red flags 🚩🚩🚩 📊 This strategy is based on the assumption that the market will react to the substantial increase in circulating supply, creating a selling opportunity for short-term gains. Estimation of Expected Profit: Entry Range: $3.963 - $4.520 Exit Price: $2.568 Expected Profit = 43.10% Please note that trading involves risks, and market conditions can change rapidly. It's essential to stay updated on the situation and adjust the strategy accordingly.
Short
by ZBroz
📈 DYDX: Breaking the Charts with Precision! 💹 DYDX has emerged as a star player in the crypto charts, showcasing a compelling technical setup that has traders buzzing with excitement. The recent surge in price is not just a random move; it's a result of a clear breakout coupled with a meticulous retest of a significant accumulation zone. Let's dive into why DYDX is currently trading around the $4 mark. Chart Analysis: DYDX's Technical Brilliance DYDX's chart tells a tale of technical brilliance, featuring a decisive breakout and subsequent retest. The coin surged with purpose, breaking out from a well-defined accumulation pattern that took the form of a symmetrical triangle. Such patterns often signify a period of consolidation before a powerful move, and DYDX did not disappoint. Technical Indicators: The Precision of the Breakout The precision of DYDX's breakout is evident not only in the strength of the move itself but also in the subsequent retest. The price action confirms a clean and well-executed escape from the accumulation zone, showcasing the market's confidence in DYDX's upward trajectory. Trading Strategy: Navigating DYDX's Momentum For traders eyeing DYDX, the breakout and retest present a prime opportunity for strategic entries. Monitoring the coin's momentum and confirming the sustainability of the upward move will be crucial. A well-crafted trading strategy, considering these technical nuances, could position traders favorably in DYDX's promising journey. Conclusion: DYDX's Charting Triumph DYDX's recent price surge is more than a mere spike; it's a triumph in charting precision. The breakout from the symmetrical triangle, followed by a calculated retest, speaks volumes about the coin's technical strength. As DYDX continues to chart its course, traders are poised to ride the momentum of this well-executed move. 🚀 DYDX Analysis | 📊 Technical Breakouts | 💡 Trading Precision Are you diving into DYDX's charting triumph? Share your insights, strategies💚🌐💚 ❗See related ideas below❗
Long
by Yaroslav_Krasko
DYDX ANALYSIS 🔮 #DYDX Analysis 💰💰 After a long consolidation #DYDX is trying to breakout the resistance level. If #DYDX closes above parallel channel then a bullish move will be seen 🚀🚀 💸Current Price -- $4.085 📈Target Price -- $5.500 ⁉️ What to do? - We have marked crucial levels in the chart . We can trade according to the chart and make some profits. 🚀💸 🏷Remember, the crypto market is dynamic in nature and changes rapidly, so always use stop loss and take proper knowledge before investments. #DYDX #Cryptocurrency #Breakout #DYOR
Long
by ZEUS_Market_Alerts