bullish

2024

World

Resistance

Gains

<p><strong>DYDX</strong>, a Layer-2 decentralized exchange, registered a notable recovery of over 15% last week, owing to the present bullish trend in the market. At press time, the <a href="https://www.thecoinrepublic.com/price-prediction/dydx-chain/">DYDX </a>price traded at $1.08 with an intraday surge of 4.16%, reflecting a minor pullback. </p> 
<p>Its trading volume remained flat, rising over 10.22% and signifying a lower investor optimism. With a market cap of $60.15 Million, the token was ranked 82nd and had a circulating supply value of 55.68 Million.</p> 
<h2 class="wp-block-heading" id="h-is-dydx-price-still-in-the-bears-control"><strong>Is DYDX Price Still in the Bears’ Control?</strong></h2> 
<p>The <strong>DYDX token</strong> displayed a falling wedge formation and continued to deliver the lower low swings. The token was traded below the 20-day EMA mark amid recent fluctuations and stayed on the bearish track.</p> 
<p>However, it has approached the overhead trendline barrier, and buyers were anticipating an upward momentum ahead. With the significant bullish recovery, the token gave signs of fading out of the correction phase. The token was ready for a trend reversal.</p> 
<p>The ongoing trend was bearish, and the token faced a prompt hurdle near the $1.10 level. As long as the token does not cross the aforementioned mark, it might trade sideways and hover around the $1 mark.</p> <iframe loading="lazy" title="Santiment Chart: Price (DYDX), Volume (DYDX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=dydx&amp;pt=DYDX&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>A daily close above the $1.20 mark would confirm the fresh bullish reversal, and the sellers might feel trapped ahead. Failing to do so would continue the bearish trend, and the token might break the 52-week low mark of $0.850 soon.</p> 
<p>@WorldOfCharts tweeted that the <strong>DYDX token price</strong> has approached the crucial pivot. A successful breakout would lead to massive upliftment ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Dydx&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Dydx</a><a href="https://twitter.com/hashtag/Dydx?src=hash&amp;ref_src=twsrc%5Etfw">#Dydx</a> Moving Towards Crucial Resistance Successful Breakout Can Lead Solid Bullish Wave <a href="https://t.co/9bz389wYzl">pic.twitter.com/9bz389wYzl</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1823686979034194389?ref_src=twsrc%5Etfw">August 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The Relative Strength Index (<strong>RSI</strong>) line saw a vertical spike and moved toward the midline region, conveying a pullback from the bottom. The RSI line was still below 50, which revealed a neutral trend. Similarly, the <strong>MACD </strong>indicator projected a bullish crossover and suggested a bullish reversal ahead.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-data-outlook"><strong>Futures Open Interest Data Outlook</strong></h2> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="236" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-1024x236.png" alt="Open Interest Data&nbsp; (OI) Source: Coinglass" class="wp-image-668134" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-1024x236.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-768x177.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-150x35.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-696x160.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189-1068x246.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-189.png 1371w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Open Interest Data&nbsp; (OI) Source: Coinglass
 </figcaption>
</figure> 
<p>Notably, the Futures Open Interest (OI) soared over 9.26% to $53.94 Million, depicting fresh long buildup activity in the last 24 hours.</p> 
<h2 class="wp-block-heading" id="h-social-dominance-and-development-activity-data-overview"><strong>Social Dominance and Development Activity Data Overview</strong></h2> 
<p>Amid the continued price drop, the social dominance line displayed a significant downtick and conveyed a decline in the media buzz. Furthermore, it reflects that the investors have chatted less about it and do not look confident about buying DYDX.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (DYDX), Development Activity (DYDX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=dydx&amp;pt=DYDX&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe> 
<p>The development activity data stayed above the midline region but displayed a decline in the last few sessions. It showed a drop in the network growth of the ecosystem.</p> 
<h2 class="wp-block-heading" id="h-active-addresses-and-network-growth-insights"><strong>Active Addresses and Network Growth Insights</strong></h2> 
<p>The Active Addresses data showed a decline and dropped to the 230 mark, revealing less token usage, resulting in a significant profit booking from the top.</p> <iframe loading="lazy" title="Santiment Chart: Active Addresses 24h (DYDX), Network Growth (DYDX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=dydx&amp;pt=DYDX&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=active_addresses_24h%3Bnetwork_growth&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D%3B" scrolling="no"></iframe> 
<p>The <strong>network growth data</strong> witnessed a sharp fall to 20, displaying a sharp decline in user adoption in the last few weeks.</p> 
<p>If the token continues to undergo a decline ahead, it may retest the support zone of $1.00, followed by $0.930. On the other hand, if the token climbs above the 20-day EMA mark, it may ascend gains toward the upside resistance mark of $1.10, followed by $1.20 in the short term.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/17/dydx-price-gains-15-this-week-price-correction-incoming/">DYDX Price Gains 15% This Week: Price Correction Incoming?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

DYDX Price Gains 15% This Week: Price Correction Incoming?

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