dYdX Price Prediction: DYDX Dominates with 15% Jump

dYdX Price Prediction: DYDX Dominates with 15% Jump – Can It Secure $1.60?

Updated: 28 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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dYdX jumped by 15% earlier today before experiencing a minor retrace, making its 24-hour rise 2.6%. The token has increased by 12% per the weekly price chart, and its monthly rise is 6%.

When it comes to year-to-year increases, dYdX is up by 32%.

The token’s performance has been largely bullish, and the community wonders whether it can go even higher. Meanwhile, another token, yPredict, has gained momentum during its presale.

dYdX Rises 2.4%

dYdX has seen significant developments in the last 24 hours, which has increased its price by 2.39%.

At 3:30 a.m. EST, the token was trading around $2.15. Its market capitalization has experienced an increase of 2.79%, and its trading volume has increased by 96.38%.

Increased trading activity shows that more sellers are rallying behind this token, giving us a positive view of where it could go in the coming days.

What is dYdX, and Why is it Rallying?

dYdX is a layer two protocol powering a decentralized cryptocurrency exchange. As an operational layer of layer 2, dYdX allows traders and partners to contribute to the platform’s development via a DAO.

Starkwire’s StarkEx engine is the foundation for this project, facilitating the trading of cross-margined perpetual. Due to the underlying scaling solution this engine delivers, dYdX has a higher transaction speed, a lack of gas costs, and lower minimum trade sizes.

In addition to trading, dYdX is also used for lending and borrowing. The platform is the first of its kind, delivering perpetual and margin trading facilities inside a decentralized system.

The project was released in October 2021, after which it went on a bull rally influenced by the community’s interest in Bitcoin. Upon reaching its all-time high, it retraced significantly due to the arrival of the crypto winter.

dYdX’s value dipped to its all-time low by the beginning of 2023, after which it made several attempts to generate more interest among the cryptocurrency community.

The recent rise in price shows that these attempts have been mildly successful. The bulls behind DYDX have started to consolidate after significant developments inside the project, one of which is the live test of the dYdX Chain on August 14th.

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

dYdX has also reported that its trading volume over the past week has been $5 billion.

dYdX has seen almost $5B in volume over the past 7 days 🔥🥵 pic.twitter.com/q1ffE6iISV

— dYdX (@dYdX) August 24, 2023

Other than these developments, another reason for dYdX rising could be the community’s lack of trust in centralized exchanges. After the fall of FTX, many investors had to change course towards DEXs. dYdX may have funneled some of that additional interest towards itself, considering it delivers perpetual and other trading features similar to CEX.

dYdX Price Analysis

After reaching the bottom on June 11th, dYdX changed course as the bulls rallied to push this token. After pumping by 42% over 22 days, the defi token started trading sideways between the trendlines representing $2.28 and $1.719, with the former acting as its resistance and the latter acting as its support.

Within this range, dYdX has shown more large green candles than red, which is a testament to its current volatility. The token is currently moving along its 20-day simple moving average.

The RSI of this defi token is 54, which means an above-70 RSI is nearby that will push this token further up. Another bullish indicator moving this token forward is the positive MACD.

dYdX Alternative – yPredict

Even though dYdX’s current performance inspires confidence, things can change at any minute. Bitcoin has lost its $26k support. While dYdX has shown that it can grow independent of BTC’s influence, the current volatility suggests that investing in it may still be risky, especially for short-term traders.

Thus, yPredict has entered as a better cryptocurrency investment. Available as a presale, this AI-powered Web 3 project features an AI marketplace where developers can create and put their predictive algorithms for sale.

Taking AI-based solutions to the blockchain, yPredict is a project that caters to quants, developers, traders, and analysts and serves financial and health niches.

The project has also dived into marketing, launching AI-powered applications like backlink estimator. Currently, yPredict editor, a project closely resembling ChatGPT for marketers, is also developing.

For the financial niche, yPredict is developing yPredict analytics, yPredict Predictions, and yPredict Marketplace.

These upsides and the fact that yPredict is available as a presale have bolstered the community interest in its native token, YPRED.

🚀 Exciting Update! 🚀
🔥 yPredict Presale Alert 🔥

📈 20,000+ investors already on board for yPredict's presale Stage 7! The momentum is building, and visibility is off the charts with millions of impressions. 🌐📢

📣 Join the movement! Secure your YPRED tokens at just $0.1 –… pic.twitter.com/eiUc7gekV8

— yPredict.ai (@yPredict_ai) August 26, 2023

yPredict has raised more than $3.6 million in the presale and is currently available at a discount price of $0.11. Visit the official website – ypredict.ai – to participate in this project.

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