This morning, Lookonchain, a blockchain tracking firm, reported via Twitter that a significant amount of dYdX (DYDX) holdings were sold by a prominent whale. The post revealed that the whale had retrieved 570,266 tokens and transferred 225,833 DYDX to Bybit, a reputable crypto exchange platform.
According to the current market value of DYDX during the transfers, the whale in question had received a substantial sum of approximately $1.26 million while also sending $501,000 to the exchange platform. Furthermore, Lookonchain has reported that this whale deposits DYDX tokens to exchanges to sell them shortly after acquisition.
According to the latest update from CoinMarketCap, the altcoin has suffered a loss in the past 24 hours, causing DYDX to trade at $2.17. This has slightly weakened DYDX against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), by 0.48% and 1.05%, respectively.
DYDX, the 99th largest crypto project by market cap, currently sits behind Enjin Coin (ENJ) with a market cap of $352,305,550 and ahead of 1inch network (1INCH) with an estimated cap of $338,390,031. Despite experiencing a recent dip in price, DYDX managed to maintain a positive weekly performance of +2.85% at press time.
DYDX’s 4-hour chart has revealed a promising bullish ascending triangle pattern, with the altcoin’s price exhibiting higher lows recently. The upcoming close of the 4-hour candle will be a crucial determinant of whether or not the bullish pattern will be confirmed. A breakout is imminent only if the current candle closes above the pattern’s resistance level. However, a close below $2.164 in the next candle could lead to a price drop to $2.052. Investors should exercise caution and closely monitor the market before making investment decisions.
To validate the bearish outlook, watch for the 9 EMA line on the 4-hour chart dipping below the 20 EMA line within the next day. Conversely, if the upcoming 4-hour candle concludes above $2.164, it could signal a push towards breaking the $2.239 resistance level within the next 48 hours for DYDX’s price.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
