Is dYdX Going to Zero? DYDX Price Plunges 7% as Fresh Altcoin Races Past $450,000 Milestone
Leading crypto DEX dYdX has seen native token DYDX tumble -7% in tumultous loss of 20DMA support, but is dYdX going to zero? Find out here.
Yet, the fall in price comes as dYdX’s prominence in the DEX space grows, with the platform facilitating vast quantities of trading volume over the past month.
1) Top 10 Perp-DEXs • Daily Trading Volume— ToreroRomero (@Torero_Romero) October 2, 2023
🥇 $17.4B @dYdX
🥈 $2.1B @OfficialApeXdex
🥉 $1.9B @vertex_protocol
4⃣ $1.8B @Kwenta_io
5⃣ $1.6B @HMXorg
6⃣ $1.4B @HyperliquidX
7⃣ $0.9B @GainsNetwork_io
8⃣ $0.9B @GMX_IO
9⃣ $0.7B @GMX_IO
🔟 $0.6B @perpprotocol pic.twitter.com/tL8HWEemRV
dYdX Price Analysis: Amid -7% Price Plunge is dYdX Going to Zero?
In the aftermath of the sudden -7% drop, dYdX is currently trading at a market price of $1.90 (representing a 24-hour change of +0.05%).
This comes as price collapses back below the 20DMA ($1.95), which has provided supportive footing for much of the past week as dYdX crypto price has pushed up to test resistance from the 200DMA (sat at $2.12).
The emergence of this tight-range between the 20DMA and 200DMA has been critical for price action over the last 3-months, with movements trapped in a ranging pattern above the $1,825 price level since June 21.
This comes following a ‘death cross’ pattern on May 25, which saw the 20DMA drop below the 200DMA.
Turning our attention to indicators, the RSI has flipped back to an oversold signal with the recent downside move, now signalling bullish divergence at 44.43.
While the MACD has flipped to bearish divergence at -0.002 in a sign of stalling momentum.
Overall, dYdX seems likely to remain in the increasingly well-established ranging pattern, with dYdX bulls targeting a push back above the 20DMA.
On the short-time frame this leaves an upside target at $2.00 (a possible +4.71%).
While downside risk could see price fall to lower support at $1.825 (a potential -4.45%).
This leaves dYdX with a risk: reward ratio of 1.06 – a mediocre entry with little upside gain on the table.
But while dYdX offers lack-lustre gains on the short-time frame, an emerging meme coin project – with the potential to rival top meme coins like SHIB and PEPE – has captivated market attention.
Discover the Next Pepecoin: Meet Meme Kombat – as Presale Surges to $450k
Meme Kombat (MK) has recently hit the crypto scene and is quickly becoming a sensation, with a fresh and innovative stake-to-mine system, it’s gathered an impressive $454,712 in its presale event alone.
Powered by AI, Meme Kombat introduces battles between popular meme characters, allowing rival crypto users to wager using its native ERC-20 token, MK.
This meme coin is set to redefine the meme coin space, potentially rivalling giants like Pepe and SHIB with its engaging approach and promise of playing on crypto community divisions.
What Makes Meme Kombat Stands Out?
- Unique Gaming Mechanism: Beyond simple trading, Meme Kombat offers users an interactive gaming experience. Users can bet on their favorite meme characters in Player vs Player or Player vs Game matchups.
- Incentivized Staking: Keeping user engagement at the forefront, 30% of MK’s total supply is designated for staking rewards, motivating long-term investment and platform interaction.
- Gaining Rapid Traction: Even before its official launch, the growing interest in Meme Kombat is evident. Their presale has already garnered a notable +$450k, with anticipation building for its listings on major decentralized exchanges like Uniswap.
- Backed by a Robust Team: Under the leadership of the experienced founder Matt Whiteman, and with an audited smart contract by Coinsult, Meme Kombat guarantees both innovation and security.
- Promising Roadmap: With plans for platform launch in late Q3 2023, the project promises continuous enhancements. Each new season aims to introduce novel characters and gaming modes, ensuring user engagement remains high.
Considering the current traction, innovative gaming approach, and a solid roadmap, Meme Kombat indeed showcases the potential to join the likes of Pepe and SHIB – especially as the GambleFi and GameFi narratives continue to grow.