Recent Transfer by a Whale May Lead to DYDX’s Price Dropping

  • The address responsible for the transfer has habitually sold large portions of DYDX shortly after claiming a chunk of tokens.
  • At press time, DYDX was slightly down and trading at $2.17.

The blockchain tracking firm Lookonchain tweeted this morning that a whale recently sold a large portion of his dYdX (DYDX) holdings. In the post, they highlighted that the whale had reclaimed 570,266 tokens and had deposited 225,833 DYDX shortly thereafter to Bybit, a crypto exchange platform.

The price of DYDX at the time the transfers were made means that the whale had received around $1.26 million and had sent $501,000 to the exchange platform. In addition, Lookonchain stated that this particular whale has a habit of depositing DYDX to exchanges to sell shortly after he claimed some tokens.

At press time, CoinMarketCap indicated that the altcoin experienced a loss in the previous 24 hours. As a result, DYDX was trading at $2.17. This also resulted in its weakening against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 0.48% and 1.05% respectively.

As the 99th biggest crypto project in terms of market cap, DYDX ranked behind Enjin Coin (ENJ) with its market cap of $352,305,550 and ahead of 1inch network (1INCH) with an estimated cap of $338,390,031. The crypto’s negative price movement recently was unable to flip its weekly performance into the red, which stood at +2.85% at press time.

A bullish ascending triangle pattern has formed on DYDX’s 4-hour chart after the altcoin’s price printed higher lows over the past few days. The close of the current 4-hour candle will determine whether or not DYDX’s price will break out of the bullish pattern before it can be validated. The next candle closing below $2.164 will result in DYDX’s price dropping to $2.052.

A confirmation of this bearish thesis playing out in the next 24 hours will be when the 9 EMA line on the 4-hour chart crosses below the 20 EMA line. On the other hand, the next 4-hour candle closing above the $2.164 mark will lead to DYDX’s price attempting to break past the $2.239 resistance level in the next 48 hours.

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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