Dydx coin has been trading in a narrow range for some time now and the crypto coin is due for a good breakout.
In this article, we will discuss Dydx price prediction,weekly analysis along with the news roundup.
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Table of Contents
DYDX Price Prediction
DYDX) crypto is trading at $1.97. The coin is seen taking support and facing resistance from a falling trendlyne.
Let’s have a look at the chart:
The price is bouncing from the horizontal support zine of the descending triangle. We have to wait for a successful breakout. Keep an eye on it.
Weekly Price Analysis
The past week has seen dYdX’s price fluctuate within a range of $1.85 to $2.20. Despite the broader recovery in the crypto market, dYdX has struggled to maintain its intraday gains, with the bulls defending the crucial $2 level.
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News Roundup
Token Unlock and Market Reaction
A significant event on the horizon for dYdX is the upcoming token unlock, where more than $500 million worth of tokens will be released to early investors and core team members. This event has historically led to a decline in price due to increased supply, but dYdX’s CEO has incentivized staking to mitigate potential negative impacts.
Network Upgrades and Technical Halts
dYdX has recently upgraded to its own layer-1 blockchain based on Cosmos, which has been met with a positive market response. However, the network faced a halt in block production during a scheduled upgrade, which the team is actively investigating.
Price Predictions and Market Sentiments
Analysts are predicting a potential surge in dYdX’s price if it can maintain support above the critical level of $2.16. A successful push beyond this level could lead to a 30-40% price increase, targeting $2.5 and $3 levels.
Conclusion
The dYdX token is at a pivotal point, with significant events such as the token unlock and network upgrades influencing its price. While the market sentiment is cautiously optimistic, investors and traders should keep a close eye on these developments. As always, it’s crucial to conduct thorough research and consider market trends before making any investment decisions.
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
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