DYDX Crypto Retests It August High!

Built on the Cosmos chain, dydx is a Proof-of-Stake (PoS) blockchain network and one of the most secured L1 projects.

The crypto market has begun the 3rd week on a positive note by adding 0.68% to its valuation. As the market shows signs of recovery, top blockchains have gained significant traction over the past few days.

With Bitcoin price stabilizing above the $69,000 level, several altcoins have posted double-digit gains. Among these, DYDX has secured a post in the top gainers list by adding ~30% to its portfolio during the early Asian trading hours.

Dydx Crypto Retests It August High!

Built on the Cosmos chain, dydx is a Proof-of-Stake (PoS) blockchain network and one of the most secured L1 projects. As the Cosmos ecosystem continues to expand, DYDX has gained immense popularity among crypto enthusiasts.

With its governance protocol, investors can validate or stake their tokens to participate in securing the DYDX chain. As the network grows stronger with each passing day, the demand for DYDX tokens is also increasing rapidly.

Amid increased volatility, the dydx token has jumped 17.32% in the past 24 hours with a trading volume of $377.96 million. Furthermore, it has surged 23.80% over the past week and 26.49% during the past 30 days. Notably, with a market cap of $767.19 million, it has secured 97th position.

DYDX Technical Sentiments

The MACD indicator has displayed a constant rise in the green histogram with its averages showing an increase in the bullish sentiment. This suggests that the dYdX price may continue gaining value in the coming time.

The Relative Strength Index (RSI) has displayed a sharp plunge above the overbought range, highlighting increased price volatility in the crypto market.

Will dYdX Price Go Up?

If the market maintains the bullish sentiment, this could result in the DYDX price retesting its resistance level of $1.544. Moreover, if the bullish sentiment intensifies, this could result in it heading toward its upper resistance level of $2.24 during the upcoming weeks.

On the contrary, if a bearish reversal occurs, the DYDX crypto token will plunge toward its crucial support trendline of $0.8350 in the coming time.

Wondering about the prospects of the biggest altcoin of this chain? Read our Cosmos (ATOM) Price Prediction 2024 – 2030!

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