This week, Whitebit users voted for us to review and technically analyze the DYDX cryptocurrency.
At the end of 2021, there was a lot of hype around DYDX and many promising prospects (at least in words), which raised the price of DYDXUSDT to almost $28.
And then began a painful fall, the trend of which has been going on for 9 months, and the fall from the maximum price was already –95%
DYDX cryptocurrency – the bottom may be false
It is impossible to state that the price of DYDXUSD has finally found its bottom and next will only continue to grow, but at least there is a chance to rebound.
Now the price of DYDXUSDT is in the critical zone and if in the further it will continue to fall, then below $1.40 will open a direct and unobstructed path to fall up to $1.
However, if buyers can fix the price above $1.95, it will open the way to continue rebounding up to at least $2.65
We do not recommend trading DYDX without stop orders
To sum up: now you can theoretically try to buy the bottom to catch 60% up move of the price of DYDXUSDT. However, this should be a small part of your deposit, because the chance of price failure to $1 remains quite high.
And the fact that only 7% of the coins that were minted are in circulation is adding fuel to the fire, and additional coins will be gradually poured into the market over the next 4 years. The law of economics says that increased supply can put pressure on the price.
