The China FUD slashed many token’s prices in recent times, however, some remained distinct from the crowd. IT appeared that DyDx just utilized the reverse impact of the FUD to strengthen its roots in the market. But what factors led the DyDx price jump and what could be the future plan of action, would be interesting to witness.
The price initiated gaining bullish momentum soon after China banned the crypto transactions. The DyDx DEX also soared with huge volume that surpassed the giants like Uniswap and Coinbase. And hence showcased a shift of focus of the traders from the other platforms towards DyDx.
It is to be noticed that only 55 million tokens or 6% of the total supply are in circulation and hence the increase in circulation may add up huge pressure on the price. And eventually, the price could propel to new highs. Moreover, despite the volume is slightly less than of the previous day, it still smashed new ATH in early trading hours.
Currently, the price is following an upward trajectory, however, slight dumps or corrections are included within the rally. The price has recorded a couple of red candles but they were not so strong to drag the price to a large extent. Yet if the price slips below the trend line, then the support levels at $21.7 could hold tightly.
A rebound can be expected at this point else the next level to hold would be in between $17.3 and $18.6. These levels are considered as strong support levels and a dip further could challenge the double-digit figure of the asset. However, if the DyDx price rebounds at its initial support levels, then the possibility of forming higher highs is more. And eventually, the path towards $50 could also be with reduced hurdles.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.