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dYdX Price Prediction: A Bullish Flag Sets DYDX Up For An 80% Move To $5.13

DYDX Price Feb 27
DYDX Price Feb 27

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DYDX price broke free on January 1, embracing an uptrend that catapulted the price 143% to a high of $2.62 on January 30. The next day, the price jetted 42% with an astonishing trading volume to close the month at a high of $3.37.

At the beginning of February, DYDX price established the flag post of a bullish technical formation, 274.97% above the yearly lows of $1.093. The price action since February 1, defined by altercations between bulls and bears, has led to the formation of a bullish flag pattern. Bulls now look to scale an 80.32% move to new range highs.

At the time of writing, the DYDX token was trading at $2.829 after losing 1.25% on the last day. The token’s market cap had also plummeted around 1.3% to $437.9 million. Trading activity declined 33.15% in the last 24 hours to $107.6 million. Still, DYDX featured among CoinMarketCap’s top 100 at #93.

dYdX Epoch Review: Community And Ecosystem Updates

The dYdX ecosystem recently released the 20th edition of its Epoch review, detailing updates from the community and ecosystem.

From the report, they recorded earnings from trading rewards worth 2,876,712 DYDX tokens throughout Epoch 19. These will be distributed to 3,467 traders and marks a notable increase from Epoch 18, where 2,931 traders were eligible for trading rewards.

As regards liquidity provider rewards, the ecosystem earned 1,150,685 DYDX tokens over the course of Epoch 19. These will be distributed to 67 addresses eligible for LP rewards in Epoch 18. The report also details that 75 market makers meeting the 0.25% threshold in Epoch 19 are now eligible to earn rewards in Epoch 20. Out of the 75, 18 were new, while 57 were existing.

The blog review also revealed that they vested around 766,703 DYDX tokens in the Community Treasury. Additionally, they accrued 1,726,028 DYDX tokens in the Rewards Treasury throughout Epoch 19. Notably, Epoch 19 ended on February 14.

In closing, the dYdX community is now accessible to 44M DYDX tokens that have accrued within the Community Treasury and Rewards Treasury. These will be used for DAO and community initiatives, contributor grants, liquidity mining, and much more.

Regarding circulating supply, 15.96% of the total DYDX token supply is considered liquid at the end of Epoch 19. This excludes unearned Retroactive Rewards transferred to the Treasury and the DYDX tokens vested in the Community Treasury.

DYDX Bulls Eye A Move To $5.13

DYDX recorded a high of $3.433 on February 1 before starting to decline toward the end of the day. It plunged almost 22% from the day’s high on that day. The token’s price then spent the next week traveling south before bouncing off the support at $2.3 to a high of $2.99 on February 15.

Overhead pressure at the $3.284 psychological level zone saw the price turndown to consolidate around the $2.63 buyer congestion zone. This prevented the price from dropping lower in Saturday’s session.

DYDX’s price action since the start of February has formed a bullish flag chart pattern, as shown on the daily chart (below). Such technical formation is considered highly bullish and indicates that the asset’s uptrend could continue soon.

Accordingly, the DYDX price faced immediate resistance due to the upper boundary of the flag at $2.912. A daily candlestick close above this level would authenticate the continuation of the uptrend. If this pans out, the first line of resistance will sprout from the equal highs at $3.284.

If bulls manage to push the price past this level, it would set the road for them to reach the technical target of the governing chart pattern at $5.129. Such a move would represent an 80.32% rise from the current price.

DYDX/USD Daily Chart

DYDX Price Feb 27
TradingView Chart: DYDX/USD

Besides the promising technical formation, the relative strength index (RSI) was within the positive territory. This added credence to DYDX’s bullish thesis. The price strength at 54 hinted that there were more buyers than sellers. This could push the token’s price higher.

Furthermore, the moving average convergence divergence (MACD) indicator was also in the positive zone above the zero line. This favors the upside. The 50-day Simple Moving Average (SMA) was also moving upward to show more buyers venturing into the space. Its position at $2.362 and that of the 100-day and 200-day SMAs at $2.008 and $1.837, respectively, provided additional support.

On the downside, the RSI was flattening out, suggesting that buyer activity was easing down. It also hints at increasing overhead pressure from the flag’s upper boundary. The ongoing correction could continue in the short term.

If the DYDX price drops under the immediate support at $2.579, it could slip past the SMAs and fall below the lower boundary of the flag at $1.592. Such a move could provoke massive sell orders that would send DYDX price toward the $1.31 demand level.

If the price also loses this support, the price could take a free fall to the $1.093 support floor. Traders and investors could expect the DYDX price to take a breather here before attempting a recovery.

DYDX Alternative To Buy

Investors looking to buy DYDX around the same levels should wait for the token’s price to break above the flag’s upper boundary. You can also play it safer by allowing it to move above the equal highs at $3.284. From here, investors would be on course to get up to 80.32% gains if the DYDX price completes the bullish pattern.

Alternatively, investors could consider CCHG, a new crypto project still in the presale stage. This would be an excellent way to diversify their portfolios.

According to analysts, CCHG can potentially make 20X gains in 2023. It is the native token of the C+Charge ecosystem, a crypto-fueled EV charging and payment solution. The project looks to democratize the carbon credit sector, becoming the first on/off-chain platform rewarding electric vehicle (EV) owners.

The native token of C+Charge, CCHG, is currently on presale with over $1.53 million already raised. The presale will end on March 29. Do not be left out.

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