Lookonchain, which tracks bitcoin and altcoin movements, highlighted the massive DYDX transfer to Bybit this morning. The address responsible for the transfer made a habit of selling the bulk of DYDX shortly after receiving some tokens. At the time of writing, DYDX is slightly lower and is trading at $2.14. Here are the details…
Popular altcoin heads to exchanges
An important transfer has emerged for an altcoin that Turks also bought. Blockchain tracking firm Lookonchain tweeted this morning that a whale has recently sold a large portion of its dYdX (DYDX) holdings. The post states that the whale has reclaimed 570,266 tokens. Shortly after, it is emphasized that he invested 225,833 DYDX in Bybit, a crypto exchange platform.
A whale claimed 570,266 $DYDX ($1.26M) and deposited 225,833 $DYDX ($501K) to #Bybit.
Every time this whale claims $DYDX, he will deposit to exchanges to sell.https://t.co/KL7do2J3VE pic.twitter.com/ygz5tfmXOF
— Lookonchain (@lookonchain) May 17, 2023
In parallel with the price of DYDX at the time of the transfers, it is stated that the whale received approximately $ 1.26 million. Then, again calculated at the price at that time, it turns out that the exchange sent $501,000 to its platform. In addition, Lookonchain noted that this whale has a habit of depositing DYDX on exchanges to sell some tokens shortly after claiming them.
Currently, CoinMarketCap shows that the altcoin has suffered a loss in the previous 24 hours. As a result, DYDX is trading at $2.14. This also resulted in a weakening of 0.48 percent and 1.05 percent, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). At the time of writing, it has suffered a price loss of 2.64 percent. It fell from its daily high of $2.24 to $2.14.
What’s next for DYDX?
DYDX, the 99th largest crypto project by market cap, has a market cap of $352,305,550. So, it is behind Enjin Coin (ENJ). It was ahead of 1inch Network (1INCH) with an estimated market cap of $338,390,031. The crypto’s recent negative price action failed to turn its weekly performance in the red. Currently, the coin’s seven-day performance marks a 2% increase.
According to experts, after the altcoin price has seen higher lows over the past few days, an ascending triangle has formed on the 4-hour chart of DYDX. The close of the current 4-hour candle will determine whether the price of DYDX will break out of the bullish pattern before it is confirmed. The next candle close below $2,164 will cause the price of DYDX to drop to $2,052.
So, how will this bearish thesis be confirmed in the next 24 hours? According to experts, this confirmation will occur when the 9 EMA lines on the 4-hour chart cross below the 20 EMA lines. On the other hand, it will be noteworthy that the next 4-hour candle closes above the $2.16 mark. According to experts, this will cause the price of DYDX to try to surpass the $2.23 resistance level in the next 48 hours. However, cryptocoin.comAs we have always stated, it is worth noting that these are only an analyst’s view.
