Bull Run Intact but a drop to $2 likely

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The dYdX price has struggled in recent days as cryptocurrency prices retreat. The coin fell to a low of $2.248, which was the lowest level since July 28 of this year. It has fallen more than 18% from its July low.

dYdX reduces costs

Decentralized finance (DeFi) is one of the blockchain industry’s biggest use cases. Today, the industry is made up of several key sub-sectors such as decentralized exchanges, exchanges, and lending protocols.

dYdX is one of the major players in the DEX industry. It is a key platform that helps people around the world to buy and sell cryptocurrencies in a decentralized way. Some of the most popular tokens traded in the ecosystem are BTC, Dogecoin, and Ethereum.

dYdX differs from other centralized exchanges like Coinbase and Binance in several ways. First, users do not need to register on the platform. Instead, all they need is to link their cryptocurrency wallet.

Second, dYdX is an open source platform, which means anyone can contribute its code. Centralized exchanges have internal codes that are not shared with the public. Finally, dYdX has a governance token where users can vote on key network changes.

Learn more about how to buy a dYdX token.

Like other exchanges, dYdX has seen the total volume of its ecosystem drop sharply over the past few months as the number of crypto investors dwindles.

On Monday, the platform announced that it would reduce trading fees in a bid to attract more investors to its platform. The company will now offer free trading for most traders in its ecosystem. It will then charge a small fee to people who trade over $100,000 per month.

Another potential price catalyst for dYdX is the upcoming launch of its standalone V4 channel. The new version, which will launch on Cosmos, will provide users with more tools to maximize their returns.

dYdX Price Prediction

The four-hour chart shows that the price of dYdX hit a high of $2.72 in July. This was a notable price since it was along the upper side of the ascending channel which is depicted in blue. Now, the coin has retreated as the prices of other cryptocurrencies pull back. It also managed to break below the 25- and 50-day moving averages.

Therefore, the coin is likely to continue falling as sellers target the lower side of the $2 ascending channel. A move above the resistance at $2.50 will invalidate the bullish view.

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