dYdX (ethDYDX)

Token Unlock recently shared an insightful tweet that shed light on the unlocking of tokens worth a staggering $62 million in the past week. Notably, the two major tokens that experienced this unlocking were Aptos (APT) and Dydx (DYDX).It is a common occurrence for price declines to follow token unlocks. This is primarily due to the increase in circulating supply. According to the demand-supply theory, when the supply rises, the demand decreases, ultimately resulting in a significant drop in prices.Token Unlock&#39;s tweet disclosed that approximately 0.5% of Aptos&#39; total supply, equivalent to a value exceeding $40 million, was released. Conversely, 0.7% of DYDX&#39;s total supply was also unblocked.The value of the newly released DYDX tokens surpassed $13 million. Consequently, at the time of reporting, the circulating supply for APT stood at 199,990,767, while DYDX&#39;s figure reached 156,256,174 DYDX.Continuing the trend, both tokens experienced declines in price following their unlocks. CoinMarketCap reported an approximate 8% decrease for both tokens within the last 24 hours. Presently, APT is trading at $8.03, whereas DYDX holds a value of $1.95.Despite the price declines, both tokens encountered a substantial surge in trading volume. This phenomenon typically signifies a bearish sentiment. Moreover, the one-week price volatility for these tokens experienced a notable increase, further suggesting a potential continuation of the downtrend.In the case of DYDX, there was a significant surge in exchange outflow during the mentioned period, which further added to the bearish outlook. Additionally, the supply held by top addresses in DYDX witnessed a dip, indicating a decline in investor confidence.Interestingly, despite the relatively high social volumes for both tokens, market sentiments varied. Santiment&#39;s chart analysis revealed a dominant negative sentiment surrounding APT, while the opposite was true for DYDX, as its weighted sentiment turned positive.Furthermore, when examining the four-hour charts for both tokens, it becomes evident that the bears have the upper hand. DYDX&#39;s Exponential Moving Average (EMA) Ribbon displayed a bearish crossover, along with its Moving Average Convergence Divergence (MACD). The Money Flow Index (MFI) and Chaikin Money Flow (CMF) for DYDX moved sideways, indicating the possibility of further price decline.Although APT&#39;s EMA Ribbon also indicated a bearish trend, certain metrics hinted at the potential for a trend reversal. For instance, its Relative Strength Index (RSI) and Money Flow Index (MFI) were situated near the oversold zone, suggesting an increased buying pressure in the coming days.

Analysing the State of APT and DYDX after their Latest Token Unlocks

ItsBitcoinWorld

Alte articole publicate pe 8 iun. 2023

ADA Among Cryptos at Risk of Delisting by Robinhood; SHIB, BTC, ETH Accepted by 440 Merchants in ...

USDC Issuer Circle Appoints Former CFTC Chairman As Legal Chief

US judge revives crypto lawsuit against Kardashian and Mayweather

Markets Dip Again as XDC Defies the Odds with Minor Gains

US Treasury Secretary Yellen Supports SEC and CFTC, Says Crypto Needs Additional Regulation

Bridging the crypto divide: regulation and AI discussed at Money20/20

Join our free newsletter for daily crypto updates!