- At the time of writing, dYdX was the second best performing coin in terms of gains.
- About $1 million worth of DYDX was liquidated for $1.18 on Binance.
dYdX [DYDX] has experienced a remarkable breakout, gaining more than 38% in the past 24 hours. This surge has positioned it as the second best performing cryptocurrency in the top 100 by market cap CoinMarketCap.
With the protocol fees being distributed primarily to USDC-denominated stakers, dYdX continues to draw attention as a crypto that can accumulate, especially as the market heads into what is expected to be a bullish final quarter of the year.
dYdX price action and forecast
DYDX was trading at $1.24 at the time of writing and saw a trading volume increase of over 892%, to around $130 million in 24 hours. The volume to market capitalization ratio stands at 11%, which indicates a high level of liquidity, reducing the risk of significant price fluctuations in the short term.
In terms of price action, it has broken out of the ascending triangle, leading to impressive gains. The DYDX/USDT pair continues to breach resistance levels and may set its sights on the $2 mark before the month ends.
While DYDX is still down 48% this year, today’s breakout could mark a turnaround if it can hold above the $1.4 level, paving the way for it to reach the $2 target.
Source: TradingView
The $0.83 support level, tested four times without breaking, has proven to be the bottom of this cycle, indicating a potential bullish trend towards 2025. The MACD indicator has also turned bullish, further strengthening the case for higher prices supports.
Liquidation and open interests
Furthermore, the liquidation heatmap shows that the price of DYDX is moving towards high liquidity zones, causing significant liquidations.
At the time of writing, traders have liquidated approximately $1 million worth of DYDX at $1.18 on Binance. The L1 token’s price action is now targeting the $1.3 zone for the next liquidation.
As liquidity rises above current levels, DYDX’s price is likely to follow suit, reinforcing the bullish outlook for year-end. This makes the $2 goal realistic.
Source: Coinglass
In terms of open interest, the OI-weighted funding rate is 0.0109%, indicating that long traders are going short.
Realistic or not, here is the market cap of DYDX in terms of BTC
This positive rate suggests that holders are confident in the future of the token, with greater interest in purchasing and holding the token from the chain.
Source: Coinglass
DYDX is showing strong market momentum, supported by favorable technical indicators and growing liquidity, positioning the company for gains by year-end.
