Dydx is a crypto that is also recommended for long term investment and is also looking good on the charts for trade.
In this article, we will look at Dydx crypto price analysis along with weekly analysis and news roundup.
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Table of Contents
DYDX Crypto Price Analysis
- Price: $1.06
- Market Cap: $244.81 million
- 24h Trading Volume: $14.70 million
- Circulating Supply: 228.47 million DYDX
- Total Supply: 771.54 million DYDX
The price is trading inside the main horizontal demand zone. We can expect a strong upward move from this level.
Weekly Price Analysis
- 7-Day Change: -22.40%
- Week Open Price: $1.08
- Week Low Price: $0.985
- Week High Price: $1.08
Technical Indicators
- RSI (Relative Strength Index): 45.3 (indicating neutral market conditions)
- MACD (Moving Average Convergence Divergence): Slightly bearish, with the MACD line crossing below the signal line.
- Bollinger Bands: The price is approaching the lower bands.
News Roundup
- Reward Reductions: The DYDX community voted to reduce trading rewards for liquidity providers over the upcoming epochs. .
- Migration to dYdX Chain: The platform continues its transition to the new dYdX Chain, enhancing decentralization and user governance.
Conclusion
dYdX’s price performance in the first week of August 2024 with technical indicators sugges neutral to slightly bearish conditions. The ongoing migration to the dYdX Chain and community-driven governance changes are key factors that could influence future price movements.
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