DYDX on Top 10 Most Purchased List Among 1,000 Biggest ETH Whales

  • The altcoin’s price has dropped more than 10% over the last 24 hours.
  • Technical momentum oscillators suggest that bears have the upper hand.

The crypto whale tracking website WhaleStats (@WhaleStats) reported this morning that dYdX (DYDX) is now on the top 10 list of most purchased tokens among the biggest Ethereum (ETH) whales in the last 24 hours.

The accumulation of DYDX of ETH whales over the last 24 hours could have something to do with the drop in the altcoin’s price over the last day, as whales identified the price drop as an opportunity to add to their DYDX holdings.

At press time, CoinMarketCap shows that DYDX’s price has fallen 10.69% over the last 24 hours. The altcoin’s price also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 7.41% and 7.31% respectively.

Daily chart for DYDX/USDT (Source: TradingView)

The price of DYDX has dipped below the key daily price level of $2.630. In addition to this, DYDX’s price has dropped below the 9-day and 20-day EMA lines as well.

Momentum oscillators suggest that momentum is in favor of bears at press time, with the narrowing margin between the 9-day and 20-day EMA lines and the daily RSI line sloped negatively towards the oversold territory.

The last level that DYDX’s price needs to break below before it will look to target the support at $2.407 is the positive trendline that has formed on DYDX’s chart.

Currently, DYDX’s charts suggest that the altcoin’s price will drop further in the next 24–48 hours. One important event happening today is the FOMC Meeting. It is expected that the FED will announce another interest rate hike today, which should have a negative effect on prices in the crypto market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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