DYDX USDT dYdX Technical Analysis

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By Frans van Elst

dYdX logo In this dYdX technical analysis, we will examine the current price action, trading volume, key levels and indicators for DYDX-USDT. dYdX is a decentralized derivatives trading platform that enables users to trade a variety of assets, including cryptocurrencies and commodities, with up to 500x leverage. The platform utilizes a novel liquidity pool mechanism to provide deep liquidity and mitigate the risks associated with margin trading. With its innovative features and user-friendly interface, dYdX is poised to revolutionize the derivatives trading landscape.

dYdX Price Overview:

As of May 11, 2024, dYdX is trading at approximately 2.041 USDT. Let’s dive into the detailed price action for DYDX-USDT:

Follow potential bearish trend for dYdX (DYDXUSDT) at 2.04 USDT with technical analysis, indicating cautionary indicators and weakened support.

Metric Value
Open (O) 2.034
High (H) 2.069
Low (L) 2.002
Close (C) 2.041
Volume (C) 2,265,676.43
  • Open (O): The opening price for today’s trading session was approximately 2.034 USDT.
  • High (H): dYdX reached a daily high of around 2.069 USDT.
  • Low (L): The daily low for DYDX-USDT was approximately 2.002 USDT.
  • Close (C): At the time of analysis, dYdX is trading near its daily close of 2.041 USDT.
Metric Value
1D Change (%) 0.34%
3D Change (%) -2.81%
7D Change (%) -5.60%
30D Change (%) -31.51%
90D Change (%) -29.18%
YTD Change (%) -30.81%

Over the past three days, DYDXUSDT has fallen by approximately -2.81%, showcasing increased market volatility. Throughout the last week, it continued to decrease, with a loss of around -5.60%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with DYDXUSDT maintaining a downward trend of approximately -31.51%, despite intermittent fluctuations. Examining the last 90 days, DYDXUSDT has witnessed substantial decrease of approximately -29.18%, reflecting strong long-term confidence. Year-to-date, DYDXUSDT has steadily declined by around -30.81%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.

dYdX Live Chart:

You can access a live price chart for DYDX-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.

Price Volatility and Momentum:

  • Volatility score is 0.53888.
  • Momentum score is -0.15135.

DYDX USDT Technical Analysis

dYdX Trading Volume:

The trading volume for dYdX (DYDX) over the past 24 hours has been insignificant, with approximately 2,265,676.43 USDT traded against DYDX. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.

Moving Averages:

  • 50-day Simple Moving Average (SMA): DYDX is currently trading below the 50-day SMA, indicating short-term bearish momentum.
  • 200-day Simple Moving Average (SMA): dYdX is also trading below the 200-day SMA, indicating a negative long-term outlook.

Relative Strength Index (RSI):

  • The RSI30 for DYDX-USDT is currently in the low zone, around 40.05829. This suggests that dYdX is in bearish territory.

Analysis from TradingView:

Our Key Takeaways:

dYdX (DYDX-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.

Follow potential bearish trend for dYdX (DYDXUSDT) at 2.04 USDT with technical analysis, indicating cautionary indicators and weakened support.

Don’t skip our thorough exploration of DYDX BTC dYdX Technical Analysis if you resonated with this post; it’s the perfect next step for deeper understanding.

Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.

Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.

Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.

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