Top Performing Altcoin DYDX Spikes 30%: How It Happened
DYDX, the native token of decentralized trading platform dYdX, has become the best-performing altcoin in the past 24 hours. According to CoinGecko, DYDX rebounded to this peak after a 30% price increase.
As a result, it outperformed altcoins, including Bitget Token (BGB) and Virtuals Protocol (VIRTUAL). Here’s how it happened and what’s next for the coin.
Interest in dYdX reaches extremely high levels
24 hours ago, DYDX price It’s $1.82. But in early trading today, the cryptocurrency’s price rebounded to $2.48, making it the best-performing altcoin in the top 100. Although the price has retreated slightly to $2.34, Santiment data shows that the market is very interested in it.
One indicator that demonstrates this is social dominance. Social dominance measures the percentage of discussions in cryptocurrency-related media that mention a specific asset or keyword. This indicator provides a relative Popularity or the attention it receives compared to other assets.
When this indicator increases, it means there is more discussion relative to other cryptocurrencies in the top 100. Declines, on the other hand, suggest otherwise. As of this writing, DYDX’s social dominance has surged to 0.59%.
If social dominance continues to rise, this may indicate increased demand For the altcoin, this could push its price back to $2.48. The average dollar investment age (MDIA) also points to growing market activity, which also supports this outlook.
MDIA measures the average age of all dollars invested in cryptocurrencies, reflecting market stage. Typically, rising MDIA indicates a coin is stagnant, often suppressing price growth.
However, Santiment data shows that MDIA has declined recently, suggesting increased trading activity as previously dormant coins are now circulating. This trend may further enhance the recovery potential of altcoins.
DYDX Price Prediction: Is $4 Coming?
Judging from the 3-day chart, DYDX performs best Altcoins were created as a result of a breakout of a descending triangle.
A descending triangle is a bearish pattern typically defined by a descending upper trendline connecting a series of lower highs and a horizontal lower trendline that acts as support. This pattern indicates waning buying pressure and the potential for a break below horizontal support, suggesting the downtrend may continue.
However, the altcoin broke above the upper trendline, invalidating the bearish predictions. If this is the case, then the value of DYDX could rise to $4.53. On the other hand, if selling pressure If price rises while volume falls, the trend could reverse and DYDX could lose its status as the top-performing altcoin.
Disclaimer
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