dYdX (DYDX) Price Jumps 30% Ahead of Major Event in Dubai
- Barbara StreisandOriginal
- 2024-10-21 09:58:17603browse
As of this writing, DYDX's price is $1.22. This is coming ahead of the project's conference, which is scheduled to start tomorrow
On October 19, DYDX price is up by 30% in the last 24 hours. This makes DYDX one of the best-performing altcoins today, only behind ApeCoin (APE) out of the top 100.
The native token of the decentralized protocol has seen its price surge to $1.22 as of this writing. This comes ahead of the project's conference, which is set to begin tomorrow, October 21, in Dubai.
The altcoin's volume has also surged to $210.53 million. Volume is a crucial indicator as it measures the relative importance of a market move. A price move with a high volume is considered more significant, while a move with a lower volume is generally viewed as less impactful.
In DYDX's case, the surge in volume could be linked to the conference and the project's launch of the Trump Election Perpetual Trading Market. For context, the decentralized platform allows users to leverage positions in a perpetual trading market linked to election outcomes.
If the volume continues to increase with the price, then DYDX's value might continue its upward trend. If not, the price increase will slow down.
This development has also affected social dominance, which tracks the level of discussion surrounding the token. When social dominance rises along with the price, it can signal growing demand for the token.
Conversely, a drop in social dominance indicates that discussions around DYDX have surpassed those of other top 100 cryptocurrencies. Given the current trend, the altcoin could climb above $1.22 in the coming days.
A look at the 4-hour DYDX/USD chart reveals that the Awesome Oscillator (AO), which was previously in the negative, has now shifted to the positive zone, signaling bullish momentum for the token.
This momentum enabled DYDX's price to bounce off its $0.94 support level. The Chaikin Money Flow (CMF) has also shown an upward trend, indicating that accumulation around the altcoin is increasing. If buying pressure continues to rise, DYDX could potentially climb to the peak of the wick at $1.35.
However, the token's value might drop if distribution outpaces accumulation. In the short term, this could cause the cryptocurrency’s value to hit $0.94.
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