DyDx Price Prediction 2023: Will DYDX Price Reach $5?

Key Takeaways:

• The DyDx price maintained a notable upswing since the beginning of the year 2023 and surged by nearly 250% to mark highs above $3.5 
• The bullish momentum is expected to mount up in the coming days that may propel the prices beyond the double-digit figure
• The traders appear to be uncertain about the impending price action and hence the whales have to shed out DYDX to flow to as a normal traders

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DyDx Price History

• The DyDx price commenced its trading journey with a negligible plunge that rebounded well to mark the highs beyond $27 during Q4 2021
• After marking the highs, the price quickly fell into a deep bearish trend. It remained consolidated throughout 2022, marking the bottom around $1 before the end of the year
• Luckily, the trend flipped and gained immense bullish momentum and raised by more than 250% to surge beyond $3.6
• Despite the bullish breakout, the bears appear to hold significant dominance that may drag the price slightly lower before igniting a notable upswing

DyDx Technical Analysis

Source: Tradingview

• The price after trading flat for quite a long time, enhanced its volatility which was followed by a rise in the buying volume 
• Presently, the price is experiencing a notable bearish action as the levels have dropped below $3 while the bearish action does not appear to lower its pace
• The RSI is dropping, indicating the DYDX price to slash hard, slicing through the lower support of the rising parallel channel
• Meanwhile, the price may also ignite a notable rebound and reclaim the levels within the channel 
• The price may certainly not rise quickly towards the resistance as the bears continue to hover at the middle bands of the channel and hence the price may be compelled to consolidate for a while before rising above

Overview of DyDx On-chain Analysis:

DyDx Develeopment Activity

Source: Santiment

The development activity of any project is recorded on GitHub’s repository which is usually public and can be accessed. This metric usually denotes the seriousness of the developing team behind the project in implementing new features and strengthening the ecosystem. The rise or failure of the metrics, however, does not impact the price at the present time. But in the long run, it is largely considered bullish.

The DyDx’s development activity has surged gigantically, marking new highs for 2023. It indicates the platform is gearing up with more loaded features. The activity which was hovering around 1.69 has spiked notably to hit 3.6, a couple of days ago. Therefore, a rise in the development activity indicates the strength in the rally and hence indicates a notable upswing fast approaching.

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DyDx Whale Accumulation

Source: Santiment

The whales are the addresses that hold nearly 1% of the entire circulating supply and also impact the rally by initiating a transfer of a sell trade. The rise in whale accumulation usually circulates bullish sentiments within the markets. As the traders become more bullish on the project, they speculate some announcements may happen that may coil up the prices high. 

Woefully, the whale accumulation has dropped and reached the bottom indicating their disinterest in the platform. This may create clouds of uncertainty that may further lead to a price plunge due to circulating FUD. However, the bears have begun to slash the price which may continue for some time before sparking a rebound.

DyDx Supply on Exchanges

Source: Santiment

The supply on exchanges is the number of tokens held by the exchanges in their wallets. The traders, when they wish to sell the token or swap it with another token, transfer their holdings onto the  exchanges which increases the supply on the exchanges. Woefully, an increase is considered as bearish as the selling pressure may accumulate which may further impact the price negatively. 

Woefully, the price is plunging which may be due to the rise in the supply on exchanges. The traders appear to be bearish and hence are transferring their tokens on the exchanges. Conversely, a drop in the metrics indicates the traders are confident of the impending in the long term.

DyDx Price Prediction for 2023

The DyDx price has been maintaining a notable upswing since the beginning of the year 2023 after marking the bottom of the bearish cycle in 2022. The indicators appear to be in favor of bears which may assist the price plunge in the coming days. However, withstanding extreme bearish action, the DYDX price is believed to close the Q1 trade at $5.5 and maintain a trend to reach beyond $7 by the end of Q2 2023.

The price is believed to experience a notable bearish action during Q3 2023 trade that may drag the levels below $6. However, after consolidating within narrow ranges, the price may rebound finely and close the Q3 trade around $7.8 to $8.2. The Q4 trade could be largely bullish as the price may soon rise beyond $10 and may face a minor rejection by the end of the year.

DyDx Price Prediction for 2024

The price may regain $10 levels in the first few days of 2024 and maintain a strong upswing for the rest of the year ahead. The price may also begin within a significant bull run which may get intensified during the Q2 trade. By the end of the first half of 2024, the prices could trade around $12.7 to $13.

The DYDX price may continue rising high in the second half of 2024 and rise above $15 quickly. The bears may not hinder the rally as the bulls may have held a tight grip over the market and hence the price may surge to $16.5 to $17.8 in Q3 and may end the yearly trade over the levels around $21.8.

DyDx PRICE PREDICTION 2025-2030

After reclaiming the positions above $22, the price may quickly rise high to mark a new ATH above $31 in 2025 which may be followed by a deep bearish trend. The price may drop hard in the second half of 2025 that may continue in the first 2 quarters of 2026. After facing an acute price slash, the price maintains a significant descending trend until the end of 2026. The year 2027 is believed to remain largely consolidated within narrow levels to accumulate strength to rise high. 

The DYDX price may regain bullish momentum in 2028 where-in it may begin with a notable recovery phase. The price is believed to rise high, igniting a strong upswing that may transform into a bull run later. Further, the price is believed to mark new highs in 2029 and may quickly drop into a deep bearish trend which may be carried forward in 2030.

Should you invest in DyDx in 2023? 

DyDx price has incepted in the market with a blast and hence is believed to regain a strong bullish momentum in the coming days. The price may get inflated soon after the bulls regain control which may further invite more strong hands to strengthen the token with a price rise. However, before investing deep research on the fundamentals, team, whitepaper, etc is imperative. Also, one has to observe the price movement and chart patterns to reduce the possibility of incurring losses.

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