- As of press time, dYdX was the second best coin by profit.
- About $1 million worth of DYDX was liquidated on Binance at $1.18.
dYdX (DYDX) experienced an incredible breakout, rising over 38% in the last 24 hours. This strong rise makes it the second best-performing cryptocurrency among the top 100 cryptocurrencies by market capitalization on CoinMarketCap.
With the protocol’s fees distributed primarily to stakers in USDC, dYdX continues to gain attention as a cryptocurrency to accumulate, especially as the market is expected to remain strong in the final quarter of the year.
dYdX Price Action and Forecast
DYDX, which was trading at $1.24 at press time, saw its trading volume surge by more than 892%, reaching approximately $130 million in 24 hours. The ratio of trading volume to market capitalization is 11%, which reduces the risk of large price fluctuations in the short term due to high liquidity.
On the price side, there has been an impressive rise outside the ascending triangle. The DYDX/USDT pair is likely to continue breaking the resistance level and target the $2 level before the end of the month.
While DYDX is still down 48% this year, today’s breakout could signal a reversal and clear the way for the $2 target if it can stay above the $1.4 level.
The $0.83 support level, which has been tested four times without being broken, has proven to be the low point of this cycle, indicating a potential bullish trend leading into 2025. The MACD indicator also reversed strength, further supporting the price rally argument.
Liquidation and open interest
Additionally, the liquidation heatmap shows that DYDX’s price is moving into areas of high liquidity, resulting in significant liquidations.
As of press time, traders had liquidated approximately $1 million worth of DYDX on Binance at $1.18. The price action of L1 token is now targeting the $1.3 area for the next liquidation.
As liquidity increases beyond current levels, DYDX’s price is likely to follow suit, reinforcing the bullish outlook for the year-end. This makes the $2 goal realistic.
Based on open interest, the OI-weighted funding rate is 0.0109%, which shows that long traders are paying for short positions.
Realistic or not, here is the DYDX market cap in BTC:
This positive ratio suggests that holders are confident about the future of their tokens as interest in buying and holding them on the chain grows.
DYDX is positioned for gains through the end of the year, with strong market momentum driven by favorable technical indicators and increased liquidity.