The crypto market is currently valued at $2.36 Trillion and has started the 3rd week on a positive note by adding 0.68% to its valuation. Further, with Bitcoin price stabilizing above the $69,000 level, top blockchains have gained significant traction over the past few days.
On the other hand, DYDX has secured a post in the top gainers list by adding ~30% to its portfolio during the early Asian trading hours. Will this altcoin hold its gains or experience a strong rejection this week?
Built on the Cosmos chain, dydx is a Proof-of-Stake (PoS) blockchain network and one of the most secured L1 projects. With its governance protocol, investors can validate or stake their tokens to participate in securing the DYDX chain.
Amid, increased volatility, the dydx token has jumped 17.32% in the past 24 hours with a trading volume of $377.96 million. Furthermore, it has surged 23.80% over the past week and 26.49% during the past 30 days. Notably, with a market cap of $767.19 million, it has secured 97th position.
The MACD indicator has displayed a constant rise in the green histogram with its averages showing an increase in the bullish sentiment. This suggests that the dYdX price may continue gaining value in the coming time.
The Relative Strength Index (RSI) has displayed a sharp plunge above the overbought range, highlighting increased price volatility in the crypto market.
If the market maintains the bullish sentiment, this could result in the DYDX price retesting its resistance level of $1.544. Moreover, if the bullish sentiment intensifies, this could result in it heading toward its upper resistance level of $2.24 during the upcoming weeks.
On the contrary, if a bearish reversal occurs, the DYDX crypto token will plunge toward its crucial support trendline of $0.8350 in the coming time.
Wondering about the prospects of the biggest altcoin of this chain? Read our Cosmos (ATOM) Price Prediction 2024 – 2030!
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