dYdX Price Analysis: Will DYDX Retest $1.60 Level?


  • dYdX currently trades near $2.38
  • Support for the bears has been established at $1.37
  • DYDX/USD pair trading above EMA(20).
  • DYDX’s intraday volume stands at $98,218,559.00.

22 April 2024 : In this article we will walk you through dYdX price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for dYdX, Is DYDX a good investment? dYdX support & resistance levels etc. But before diving deep into the DYDX technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,423,420,607,589. The total trading volume stands at $61,681,706,423. Bitcoin shares 53.55 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $65,902.23 level after an upward movement of 1.14%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.92 percent reaching to $3,208.90 during the previous 24 hours.
While publishing this blog, BNB traded at $602.68, following a price change of 4.62% within the same time frame. SOL the native coin of Solana is up by 0.22 and currently trading at $151.34. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

dYdX Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of dYdX (DYDX)

DYDX Resistance Levels DYDX Support Levels
Resistance Level 1 $1.60 Support Level 1 $1.37
Resistance Level 2 $1.70 Support Level 2 $1.24
Resistance Level 3 $1.82 Support Level 3 $1.14

dYdX Performance

The daily chart of dYdX shows that the DYDX price has a downward movement with a -3.25% decrease in past 24 hours. The price value of the dYdX (DYDX) coin is standing at $2.38 with market capitalization $437,131,704.00 USD. DYDX price changes 11.68% over the week while the trading volume is hovering around $98,218,559.00 USD.

dYdX Price Analysis

DYDX price analysis for 22 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the dYdX.

Moving Averages Price Indicator
Simple Moving Average (10) 1.45 Buy
Exponential Moving Average (10) 1.46 Buy
Simple Moving Average (20) 1.35 Buy
Exponential Moving Average (20) 1.37 Buy
Simple Moving Average (50) 1.38 Buy
Exponential Moving Average (50) 1.39 Buy

The Relative strength index (RSI) for DYDX Coin is currently hovering at 70 for 14-days average line, which means DYDX is moving towards overbought zone. While DYDX’s Williams %R indicator is at -13.774 for the 14-day time period indicating a overbought condition and short term trend price correction is possible. The MACD line is standing above of the signal line after a positive crossover. dYdX investors need to wait for any directional change over the daily chart.

Conclusions

According to the dYdX (DYDX) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.