dYdX (DYDX) Price Prediction 2023 — Will DYDX Hit $3 Soon?
- Bullish DYDX price prediction for 2023 is $2.753 to $4.751.
- The DYDX price will also reach $3 soon.
- DYDX bearish market price prediction for 2023 is $1.011.
In dYdX (DYDX) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about DYDX to analyze the future movement of the cryptocurrency.
dYdX (DYDX) Current Market Status
| Current Price | $2.02 |
| 24 – Hour Trading Volume | $95,124,284 |
| 24 – Hour Price Change | 2.78% Up |
| Circulating Supply | 156,256,174 |
| All – Time High | $27.86 (On September 30, 2021 |
What is dYdX (DYDX)?
dYdX (DYDX) is a decentralized exchange platform for cryptocurrency margin trading for assets like BTC, ETH, SOL, DOT, and some more crypto assets. Furthermore, the hype around dYdX has intensified because the exchange finally presents a clear decentralized to perpetual exchange BitMex, FTX, and Bitfinex.
dYdX is a brilliantly executed decentralized crypto derivatives exchange with a plethora of margin trading and perpetual for everyone. Besides having a clever name, dYdX has filled a compelling niche within the crypto trading realm.
dYdX (DYDX) Price Prediction 2023
dYdX (DYDX) holds the 100th position on CoinMarketCap right now. DYDX price prediction 2023 is explained below with a daily time frame.
In the above chart, dYdX (DYDX) laid out a descending channel pattern. A descending channel, also known as the falling channel, is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of dYdX (DYDX) was recorded at $1.96. If the pattern trend continues, then the price of DYDX might reach the resistance level of $3.162. If the trend reverses, then the price of DYDX may fall to the support of $1.902.
dYdX (DYDX) Support and Resistance Levels
The chart below shows the support and resistance levels of dYdX (DYDX).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of dYdX (DYDX).
| Resistance Level 1 | $2.753 |
| Resistance Level 2 | $4.751 |
| Support Level 1 | $1.765 |
| Support Level 2 | $1.011 |
As per the above analysis, if dYdX’s (DYDX) bulls take the lead, then it might hit and break through its resistance level of $4.751.
Conversely, if dYdX’s (DYDX) bears dominate the trend, the price of DYDX might plunge to $1.011.
dYdX (DYDX) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of dYdX (DYDX) is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of DYDX lies below the cutoff line, indicating weak participants in the current trend.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders identify unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of dYdX (DYDX) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the DYDX price lies below 50 MA (short-term), indicating its downtrend. Hence, DYDX is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of DYDX is at 39.54. Therefore, this indicates DYDX is nearly oversold.
dYdX (DYDX) Price Prediction 2023 — ADX, RVI
Let us now look Average Directional Index (ADX) of dYdX (DYDX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of DYDX lies in the range of 15.151 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of DYDX lies below 50, indicating low volatility.
Comparison of DYDX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and dYdX (DYDX).
From the above chart, we can interpret that the price action of DYDX is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of DYDX also increases or decreases respectively.
dYdX (DYDX) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of dYdX (DYDX) between 2024 and 2030.
dYdX (DYDX) Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, dYdX (DYDX) might probably attain $4 by 2024.
dYdX (DYDX) Price Prediction 2025
With several upgrades in the network, dYdX (DYDX) might enter a bullish trajectory. If the coin grabs the attention of major investors, DYDX might rally to hit $5 by 2025.
dYdX (DYDX) Price Prediction 2026
If dYdX (DYDX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, DYDX would rally to hit $6.
dYdX (DYDX) Price Prediction 2027
If dYdX (DYDX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, DYDX would rally to hit $7.
dYdX (DYDX) Price Prediction 2028
If dYdX (DYDX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, DYDX would rally to hit $8.
dYdX (DYDX) Price Prediction 2029
If dYdX (DYDX) holds up a strong stance as a better investment option for the next 6 years, it might witness significant price rallies. Thus, by 2029, DYDX would hit $9.
dYdX (DYDX) Price Prediction 2030
If investors flock in and continue to place their bets on dYdX (DYDX), it would witness major spikes. DYDX might hit $10 by 2030.
Conclusion
If dYdX (DYDX) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish dYdX (DYDX) price prediction for 2023 is $4.751. Comparatively, the bearish dYdX (DYDX) price prediction for 2023 is $1.011. If there is a positive elevation in the market momentum and investors’ sentiment, then dYdX (DYDX) might hit $3. Furthermore, with future upgrades and advancements in the dYdX ecosystem, DYDX might surpass its current all-time high (ATH) of $27.78 and mark its new ATH.
FAQ
1. What is dYdX (DYDX)?
A next-generation blockchain procedure, dYdX connects an entire system of purpose-built blockchains, allowing employees to work seamlessly together and at scale.
2. Where can you buy dYdX (DYDX)?
Traders can trade dYdX (DYDX) on the following cryptocurrency exchanges such as Binance, OKX, BTCEX, Bybit, and Deepcoin.
3. Will dYdX (DYDX) record a new ATH soon?
With the ongoing developments and upgrades within the dYdX platform, dYdX (DYDX) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of dYdX (DYDX)?
dYdX (DYDX) hit its current all-time high (ATH) of $27.78 on September 30, 2021.
5. What is the lowest price of dYdX (DYDX)?
According to CoinMarketCap, DYDX hit its all-time low (ATL) is no data.
6. Will dYdX (DYDX) hit $3?
If dYdX (DYDX) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $3 soon.
7. What will be the dYdX (DYDX) price by 2024?
dYdX (DYDX) price might reach $4 by 2024.
8. What will be the dYdX (DYDX) price by 2025?
dYdX (DYDX) price might reach $5 by 2025.
9. What will be the dYdX (DYDX) price by 2026?
dYdX (DYDX) price might reach $6 by 2026.
10. What will be the dYdX (DYDX) price by 2027?
dYdX (DYDX) price might reach $7 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
