- DYDX price has dropped by 40% since April, indicating the sellers’ grip.
- A bullish divergence has been generated in the RSI.
In a broader time frame, the DYDX price has been struggling in the demand zone for more than a month. Since May 2022, the dYdX coin price has struggled to exceed the $4 mark, demonstrating the sellers’ strength.
DYDX price performed positively at the beginning of 2024 and reached the 52-week high of $4.58 on March 7, 2024. After the bullish momentum, the DYDX price surpassed the $4 level but failed to sustain.
At the time of writing, the DYDX price traded at $2.03 with an intraday loss of 4.54%. The market capitalization is $1.14 Billion, and the 24-hour trading volume is $52.86 Million. The current circulating supply is 558,480,505 DYDX, and the total supply is 754,030,660 DYDX.
A Considerable Surge in Development Activity Detected
The development activity has increased by more than 1000% in a month. However, the DYDX crypto price has undergone a consolidation phase. Suppose the development activity sustains; the price may trigger a breakout.
DYDX Price About to Trigger a Breakout?
$DYDX #DYDX Looks Pretty solid for the 50-60% Bullish Rally in the Short term 📈🚀 pic.twitter.com/b5mXi8ncve
— Captain Faibik (@CryptoFaibik) May 21, 2024
According to the source on Twitter, the DYDX coin price has been falling due to resistance from the trendline, and it is currently at a crucial breakout level. Suppose the buying momentum increases and the matrixes support; it may trigger a breakout and easily acquire about 50-60%.
DYDX Price Has Formed a Descending Triangle Pattern
The DYDX coin price has formed a descending triangle pattern on a daily time frame and continuously defends the $1.85 for a month. Suppose the digital asset price triggers a breakout from the triangle and rises; the buyers may lift the price to the $3 hurdle in the next few days.
On the other hand, if the DYDX crypto price slips below the major support level of $1.80, sellers may become confident, and the price may melt to the $1 hurdle. If the DYDX price fails to defend the $1 mark, it may record a new all-time low.
Based on the technical indicators, the DYDX coin price is trading below the key moving averages. RSI is slowly recovering from the oversold zone and heading for the overbought zone. The technical indicators are favoring bullish momentum.
Conclusion
DYDX crypto is currently at a crucial point, with the potential for a breakout if the development activity is sustained. According to technical indicators, the price has faced resistance but shows signs of bullish momentum. It will be important to monitor the potential breakout and the key support levels to gauge the future movement of the DYDX price.
Technical Levels
The chart structure suggests that the DYDX price may face resistance from the $2.42 and 3.20 levels in the upcoming trading sessions. Alternatively, if the price drops, it may take support on the $2.00 and $1.00 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.