DYDX’s Price Is at Risk of Plummeting in the Coming Week

• DYDX’s price has risen 1.99% over the last 24 hours according to CoinMarketCap.
• The altcoin experienced a 125+% increase in its daily trading volume.
• DYDX’s price is at risk of plummeting if history repeats itself.

The price of dYdX (DYDX) has risen 1.99% according to the crypto market tracking website, CoinMarketCap. At press time, the price of DYDX is trading at $2.40.

Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), DYDX has outperformed both over the last 24 hours. Currently, DYDX is up 5.33% against BTC and 5.66% against ETH.

DYDX’s price is trading between its 24-hour high and daily low. At press time, the daily high for DYDX stands at $2.66, while the 24-hour low for the altcoin sits at $2.20.

DYDX’s 24-hour gain can be attributed to the spike in trading volume over the last 24 hours. At press time, the total trading volume for DYDX stands at $297,643,855, which is a 127.08% increase compared to yesterday’s daily trading volume.

The price of DYDX tapped the resistance level of $2.728 for a third time yesterday before retracing back down to the support at $2.414. If history repeats itself, the price of DYDX is at risk of plummeting to the next support level at $2.040 in the coming week.

On the other hand, if DYDX’s price is able to close today’s trading session above the $2.414 support level, then DYDX’s price may make another move toward $2.728 and successfully break above the resistance level.

However, the flat trading volume for today suggests that there is not enough support from DYDX bulls to boost DYDX’s price to above the aforementioned resistance level.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their 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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