News - DYDX: DEX token price goes through the roof

By Luc Vesters

DYDX: DEX token price goes through the roof

With a rate increase of 24 percent enter the cryptocurrency dydX to the list of the top 100 altcoins over the past 24 trading hours. Even in a 7-day comparison, DYDX's share price is one of the outperformers with a 62 percent increase in value.

The decentralized derivatives exchange's native token is currently benefiting from several innovations. The rally follows the recent launch of its own Layer 1 blockchain on Cosmos. For this, the blockchain is migrating its ERC-20 ethDYDX tokens to the ecosystem's native token, which is now based on the Cosmos ecosystem.

As a result of the update, validators will be involved in future transaction costs in the form of staked rewards. The exchange rate of DYDX seems to be benefiting from these innovations and reached a new annual high yesterday, Tuesday, Nov. 14. At $3.90, the stock price is higher than it has been since April 2022.


As a result of yesterday's breakout above the resistance zone between $3.00 and $3.25, DYDX's share price rose directly to the next resistance zone between $3.91 and $4.13. This zone was last an important hurdle in the chart in April and May 2022.

If the buying party manages to break through this resistance zone in the coming days, a rise towards US$5.15 can be expected. This also increases the chances of another rise to the previous year's April high. Increased profit-taking can be expected around US$7.18. Only if this zone is broken for a prolonged period of time will the zone between $9.74 and $10.00 come into view. If the crypto market remains in bull mode for the next few months, DYDX's share price could even rise toward the maximum price target of $13.76.

However, if the bulls fail to overcome the current resistance zone and the DYdX price dynamically bounces south, there is a chance of a retest of yesterday's daily low of $3.02. If the buyers' side dYdX does not stabilize here and the price at the daily close slips below the lows of the last trading days, a retest of the breakout zone around $2.32 cannot be ruled out.

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