dYdX Token Price Surges 35%
The price of dYdX soared by 35% on Tuesday, reaching an intra-day high of $3.960 and continued to climb to $4.08 at 6 a.m. EST today. The trading volume also increased by 185% on the day, drawing attention as the asset gains traction before its cliff token unlock.
Impact of Scheduled DYDX Cliff Token Unlocks
According to data from the Token Unlocks app, dYdX had a cliff token unlock scheduled for November 21, releasing 2.16 million DYDX tokens worth approximately $8.65 million into the market in a single day. This large supply entering the market all at once could potentially cause a price crash due to increased supply and decreased demand.
What It Means for dYdX Price
Token unlocks are generally bearish catalysts because they can lead to a drop in price due to an influx of tokens into the market. However, ahead of these unlocks, token holders often try to boost the asset’s price to capitalize on profits before the inevitable price decline.
DYDX Value Prognosis and Future Outlook
After a significant 35% increase, the dYdX price broke through a supply zone and remains bullish despite being overbought. Traders with open long positions should consider keeping them open, while new positions may need caution due to potential corrections.
The dYdX price has strong support from the weekly 100-day Moving Average (MA) at $2.822, but profit booking could lead to a southward movement.
Considering Alternatives: YPRED Presale Token
If you’re concerned about potential downsides of dYdX, you might consider YPRED, a presale token with unique features that is currently selling fast and offering opportunities for profit before listing at $0.12.
The YPRED project offers real-time trading signals from AI predictive models and is currently in its eighth stage of presale, recording over $4.8 million in sales as of press time out of its target of $6.507 million.
You can visit the yPredict website to purchase YPRED using ETH, MATIC, or your bank card during the presale period.
Hot Take: Consider Diverse Investment Options Carefully
When considering investment options like dYdX and YPRED, it’s important to carefully evaluate your risk tolerance and potential returns before making any decisions. Both assets have unique features and potential for growth, but thorough research and cautious decision-making are crucial when navigating the crypto market.
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