DYDX Token Price Action Analysis: Moving Towards Crucial Resistance, Successful Breakout Can Lead Solid Bullish Wave

DYDX token price has approached the crucial pivot. A successful breakout would lead to massive upliftment ahead.

DYDX, a Layer-2 decentralized exchange, witnessed a moderate recovery last week amidst the broader bullish trend in the crypto market. At press time, DYDX price encountered an intraday surge of 4.16%, trading at $1.08.

The token's trading volume rose by 10.22%, indicating 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.

Is DYDX Price Still in the Bears’ Control?

The DYDX token continued to display a falling wedge formation and lower low swings. The token traded below the 20-day EMA mark amid recent fluctuations and remained on the bearish track.

However, it approached the overhead trendline resistance, with buyers anticipating an upward momentum ahead. With the significant bullish recovery, the token showed signs of fading out of the correction phase and was set for a trend reversal.

The ongoing trend was bearish, and the token faced an immediate hurdle near the $1.10 level. As long as the token does not cross the mentioned mark, it might trade sideways and hover around the $1 mark.

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.

As per @WorldOfCharts, the DYDX token price approached the crucial pivot. A successful breakout from this pivot could lead to a massive bullish wave.

$Dydx#Dydx Moving Towards Crucial Resistance Successful Breakout Can Lead Solid Bullish Wave pic.twitter.com/9bz389wYzl

The Relative Strength Index (RSI) line saw a vertical spike and moved toward the midline region, indicating a pullback from the bottom. The RSI line was still below 50, indicating a neutral trend. Meanwhile, the MACD indicator projected a bullish crossover and suggested a bullish reversal ahead.

Futures Open Interest Data Outlook

Interestingly, the Futures Open Interest (OI) soared over 9.26% to $53.94 Million, indicating fresh long buildup activity in the last 24 hours.

Social Dominance and Development Activity Data Overview

Amid the continued price drop, the social dominance line displayed a significant downtick and indicated a decline in the media buzz. It also showed that investors chatted less about it and didn't seem confident in buying DYDX.

The development activity data stayed above the midline region but showed a decline in the last few sessions, indicating a drop in the network growth of the ecosystem.

Active Addresses and Network Growth Insights

The Active Addresses data showed a decline and dropped to the 230 mark, indicating less token usage, leading to a significant profit booking from the top.

The network growth data witnessed a sharp fall to 20, indicating a steep decline in user adoption over the last few weeks.

If the token continues to see a decline ahead, it might 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 might ascend gains toward the upside resistance mark of $1.10, followed by $1.20 in the short term.

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