Ethereum
$ 1,091.70 0.15%
Solana
$ 34.54 2.58%
Dogecoin
$ 0.067640 1.05%
ApeCoin
$ 4.71 0.87%
Bitcoin
$ 20,435.00 1.85%
BNB
$ 223.36 2.20%

DYDX Price Analysis: DYDX breaches the $20.8 resistance level, what’s next?

DYDX Price analysis

TL;DR Breakdown

  • DYDX price analysis is bullish for today, up by 17%. 
  • Price movement from $21.8 low to $26.29 high.

DYDX price analysis is bullish for today as the price breaches the resistance level at $20.8, and the coin is continuing its upward rally with today’s high at $26.2. The bulls seem to be winning as the DeFi project has refused to go down. Along with DYDX, the biggest gainer of the day is the Binance coin, BNB (a rose by 9%).

The coin is actively engaging with the crypto community on Twitter with frequent competitions and giveaways. The sudden surge in the price of the DYDX/USDT pair is primarily due to the Chinese government’s crypto crackdown, after which many Chinese investors moved their money to decentralized projects. 

The overall crypto market is in a bullish mode, with Bitcoin (BTC) rising from $41,000 to $42,000 today. The trading volume is increasing, which is a positive sign as the traders are showing interest.

DYDX Price Analysis: DYDX/USDT pair movement in the last 24-hours

DYDX price analysis in the last 24 hours has increased immensely as the trading volume increased by 50.35% at 2.1 billion. The data indicates the massive interest of traders in the DeFi project, which led to a huge surge in the market cap by 22.72%, at 1.3 billion. Currently, DYDX’s market dominance rate is at 0.07%, with an overall rank of 70.

The 24-hour candle opened at $22.6, breaching the resistance at $20.8 and continued the upward movement at a high of $26.29. Due to high selling pressure, the movement is a little down in 4- hour chart, which is a healthy move after such a massive leap.

The DYDX/USDT pair price surge gave it bullish momentum, as shown in the chart below. The price has crossed the 50-day and 100-DAY Moving Average levels, indicating a bullish scenario.

DYDX Price analysis
Source: Tradingview

DYDX/USDT 4-hour price chart: A healthy retest can follow

The DYDX/USDT pair can retest the nearest support level at $20.3, which the bears are aiming to grab more coins. Currently, we see slight bearish retesting before another upward rally.

As it is an unwritten rule of the crypto world that most of the altcoins follow BTC’s movements, DYDX can do the same in the coming days.

DYDX price analysis: Conclusion

From September 25, DYDX has witnessed five continuous green candles in the daily chart, a huge bullish sign. The coin rose from $11.5 to $26.3 in just five days, with more than 100% gain. This is just the start, as the coin was listed on Binance on September 9. Traders are running to place the buying orders, and this could be the perfect time to do so.

If you are a crypto enthusiast, visit the price predictions for more amazing coins. 

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Mary Brenda

Mary Brenda

I'm a content marketer with interests in emerging niche including Blockchain, Cryptocurrency, Esports, Video games and other tech. I've previous worked with a variety of clients, such as ASUS ROG, BitcoinBink, ESL India, OMEN by HP, Red Bull and more.

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