Ecoin Supply

On the Ethereum network, dYdX is a decentralized exchange that offers users access to fundamental financial products such as perpetuals, margin and spot trading, lending, and borrowing. With the help of dYdX, traders may short-sell tokens, increase exposure by longing with leverage, or move swiftly by earning interest on deposited tokens. The platform also provides traders with off-chain order books with on-chain settlement. In order to combine the security and transparency of a decentralized exchange with the speed and use of a centralized exchange, dYdX uses StarkWare’s Layer 2 to do away with the need to trust a centralized exchange when trading.

Users of dYdX’s cryptocurrency asset exchange will soon be able to fully control both the exchange and their deals. With the introduction of the Layer 1 product (Solo), which permitted margin trading, lending, and borrowing on Ethereum, the protocol was established in July 2017. For its new Layer 2 cross-margined Perpetuals offering, which is based on StarkWare’s StarkEx scalability engine, dYdX released a closed alpha in February 2021. The Layer 2 product was made available to the general public in April 2021. Since then, dYdX has introduced 26 markets on Layer 2 and generated more than $100 billion in trade volume (of which almost 75% was generated in October alone).

To assist in creating the infrastructure necessary for genuinely open markets, dYdX Trading Inc. announced the establishment of the dYdX Foundation in August 2021. The DYDX governance token is released by the dYdX Foundation, which also installs governance smart contracts. The dYdX foundation also has a variety of additional duties, such as maintaining the dYdX community treasury, educating the public about the dYdX ecosystem, and funding community research to stimulate community activities and initiatives. 

Price

• DYDX is up weekly by 4.82%.
• DYDX has been exhibiting uptrending patterns for a while.
• A DYDX RSI of 48 to 54 indicates a buyer’s eagerness to purchase.

At the same time last week, dYdX cost $1.85. It has changed 23.03% during the last week and is now worth $2.21. In fact, DYDX has increased by 8.12% during the last 24 hours. A modest pessimistic mood pervades the cryptocurrency market. However, the long-term outlook is still positive, and DYDX may reach $2.99 in 2024.

As of the time this article was written, dYdX’s total available supply was $170767236.25, and its market capitalization remained at $379,022,261.

Analysis

  There are presently 156,256,174 units of dYdX in circulation, and the market value of the whole offering is $339,990,527.

The cost of dYdX has gone up 6.45% in the last day. The previous 7 days have shown consistent growth for dYdX, with a 21.82% increase. Investors in dYdX are ecstatic with this growth and their return on investment this week.

The price of DYDX climbed by 26.01% during the last 30 days, adding $0.451044 to its previous $1.73 value and raising the market capitalization to $339,990,527. If you are considering purchasing dYdX right now, you should hold off until the next bear market. 

ON Daily Chart:

Average Movement

• The 50 day moving average is now sloping down and below the current dYdX price, which might work as a support the next time it interacts with it. On the 1 day time frame, dYdX is currently trending bearishly.
• Additionally, the trend is poor because dYdX’s 200 day moving average has been dipping downward since 6/17/2023.
• Given that the 200-day moving average is now above the price, if the two converge again, it may serve as resistance to maintain the trend.
• Given the direction of the 50-day and 200-day moving averages’ trends, a price prediction for the dYdX on the 1-day time frame would be negative.

RSI

• The RSI is currently in the neutral 30-70 range, indicating a neutral trend in the price and the ability of the price to maintain the RSI in that position for some time.
• No bullish or bearish divergence has shown during the previous 14 candles, thus there is no indication that the price will soon reverse from its present levels.

Weekly Chart

Average Movement

• The 50 day moving average is now sloping down and below the current dYdX price, which might serve as a support the next time it interacts with it. On the weekly time frame, dYdX is currently trending bearishly.

Index of Relative Strength

• The RSI is currently in the neutral 30-70 range, indicating a neutral trend in the price and the ability of the price to maintain the RSI in that position for some time.

MACD

• There is neither a bullish nor a bearish divergence on the histogram side, which may indicate that the price will also revert.

Prediction

Our most recent dYdX price forecast is that by July 22, 2023, the price of dYdX will have decreased by -7.37% and will be $ 1.958601. Our technical indicators indicate that the current mood is bullish, while the Fear & Greed Index is now reading 54 (Neutral). In the past 30 days, dYdX saw 6.29% price volatility and 16/30 (53%) green days. Our dYdX forecast indicates that the moment is right to buy dYdX.

Price forecast for dYdX in 2025

The range of the 2025 dYdX price projection is now $ 4.14 on the low end and $ 16.80 on the high end. If DYDX hits the top price objective by 2025, dYdX might increase in value by 668.92% from its current pricing.

Price forecast for dYdX in 2030

The current range for the 2030 dYdX price estimate is $ 12.23 on the low end and $ 15.47 on the high end. If dYdX hits the highest price objective by 2030, it might increase in value from its current price by 608.40%.

In conclusion

DYDX’s cost has just gone up. The majority of the progress gained over the course of the preceding several months was reversed. The DYDX price, however, found support close to the demand zone and started to form a base. This is a great time to buy because the DYDX is trending upward and the MACD is showing promising signs.

Technical proficiency

degrees of resistance: $2.08 and $2.12

Levels of assistance: $1.7 and $1.8