dYdX Price Prediction: $2.16 Just The Start After 10% Pump

Join Our Telegram channel to stay up to date on breaking news coverage

In a mere 24 hours, the dYdX token surged by 10%, driving its value to around $2.16. With this rapid rise, market trends suggest a further increase, potentially exceeding $3.00.

dYdX Chain Testnet 2 Launches with 30+ Markets and Enhanced Features

In a significant update, DYDX announced today that its Chain public Testnet 2 was live. This launch introduces over 30 markets, allowing for the testing of trading rewards and fees. This event signifies a notable progression towards the finalization of the dYdX Chain.

1/ The dYdX Chain public Testnet 2 is live! 💫

Now with 30+ markets while testing trading rewards and trading fees.

Try it out:https://t.co/BZ57SvupXX

— dYdX (@dYdX) August 14, 2023

Notable augmentations encompass robust anti-spam measures, diversified liquidity tiers, enhanced order book precision, and upgraded oracle capabilities. This release underscores dYdX’s unwavering commitment to advancing decentralized trading and blockchain technology.

Right after its launch, the token dYdX experienced a price decline of 25% to $1.703.However, after four days, the coin started gaining positive momentum after announcing the first airdrop of $20K.

#Airdrop Farmers have noted the uncompensating nature of #Testnet Interactions lately, but DYDX Public Testnet is not one to Sleep on

Why?

• DEX Backed by Paradigm, a16z & Polychain
• Raised $87M
• First AirDrop worth $20k+

Here’s a Detailed Guide to Complete the Testnet👇 pic.twitter.com/gLtCMztP7Q

— InfoSpace OG (@InfoSpace_OG) August 21, 2023

After this announcement, the price of the dYdX coin improved and recovered about 95% of its previous losses.

DYDX Price Analysis

The analysis of the daily price chart for DYDX/USDT suggests a higher likelihood of an upcoming price increase. This speculation is based on recent developments where prices have surged above the moving averages, indicating a substantial bullish influence on the market.

Another noteworthy observation is that prices are at the midpoint of a symmetrical triangle pattern. This makes the current price level pivotal in determining the cryptocurrency’s future trajectory.

dydx price — TradingView: DYDX/USDT 1-day chart

From this juncture, prices could either experience a decline or an upswing. However, the prevailing technical indicators lean towards a positive price movement. The Moving Average Convergence Divergence (MACD) indicator reveals histograms newly entering the positive domain and turning green. This is a sign that the potential for price escalation is on the horizon.

Moreover, the Stochastic indicator has approached the overbought threshold and seems poised to surpass it, implying further upward price potential. Concurrently, the 20 EMA has just contacted the 50 EMA line. The prevailing indications suggest an imminent cross-over with the 50 EMA, a development that would confirm the presence of bullish signals.

If these signals materialize, the DYDX pair might encounter initial resistance at the 2.347 level. Subsequently, the next critical level to monitor will be 2.717, situated just beyond the upper boundary of the symmetrical triangle. A conclusive close above this level could propel prices towards the 3.2 price target, marking a substantial 47% increase from the present price level.

Converse Case

Nevertheless, if the projected bullish signals fail to materialize, prices could find their first support at the lower boundary of the symmetrical triangle. Should the dYdX price breach this level, confirmed with closing below 1.758, it would signify a negative market sentiment and potentially trigger a further descent to the 1.395 level, equating to a considerable 36% decrease from the prevailing price level.

There is another coin with similar growth potential, YPRED, the ticker for the yPredict ecosystem.

Alternative to DYDX

A notable entrant in the cryptocurrency space, yPredict has emerged as a platform aiming to redefine how predictions are made within the crypto markets. yPredict’s approach to crypto forecasting and tokenomics warrants closer examination. It has garnered attention for raising $3.58 million during its presale.

yPredict’s primary feature is its utilization of advanced AI technology to offer insights into market trends. Notably, the platform’s integration of blockchain technology enhances transparency. This creates an environment where predictions can be made and accessed with a higher degree of accountability.

🚀 The future of crypto predictions is here with yPredict! 🤖 This AI-powered platform has already raised an impressive $3.4M in its presale so far.

💰 With its cutting-edge technology, transparency through blockchain, and community-driven approach, yPredict is setting a new… pic.twitter.com/yPSvwOOAg0

— yPredict.ai (@yPredict_ai) August 14, 2023

Community-Driven Model

What sets yPredict apart is its community-driven model, which encourages active user participation in shaping predictions. This decentralized approach emphasizes collective insights and provides a platform where various perspectives contribute to more accurate forecasts.

yPredict’s roadmap outlines its intention to expand data sources and introduce mobile applications. These steps are geared toward serving the evolving needs of traders and investors. The platform’s aspiration to collaborate with established cryptocurrency exchanges highlights its ambition to establish a foothold in the industry.

🔍 Unraveling Token Allocations & Project Commitment: The #yPredict Insight 💡🚀

Diving into the dynamic world of blockchain and crypto, yPredict's unique tokenomics and ethos recently took the spotlight. Let's navigate through this captivating journey! 🧵

🔑 The Token Story:… pic.twitter.com/9CfnT5BpDT

— yPredict.ai (@yPredict_ai) August 9, 2023

Tokenomics Structure

Within a total token supply of 100 million, yPredict’s presale has secured a significant portion of tokens. Allocations are also set aside for liquidity, development, and the platform’s treasury. An interesting aspect is the team’s decision not to hold any tokens, signaling their commitment to the platform’s objectives.

yPRED Tokens and Governance

The introduction of yPRED tokens goes beyond mere tradable assets. These tokens foster community engagement, align stakeholder interests, and facilitate decentralized governance. This underscores yPredict’s intent to create a dynamic ecosystem. Its journey is poised to impact how users navigate market insights and contribute to the ongoing evolution of blockchain-based innovations.

Visit yPredict here