Founded back in 2017 by ex-Coinbase and Uber engineer Antonio Juliano, dYdX is a foremost decentralized exchange offering perpetual, margin, &amp; spot trading, as well as borrow/lend pools on Ethereum. Let us look at the technical analysis of dYdX.
<h2><b>Past Performance</b></h2>
The DYDX opened on 5th October 2021 at $23.47. The price <a href="https://www.cryptoknowmics.com/news/dydx-technical-analysis-high-buying-pressure-in-the-market-forming-a-bullish-candle/">increased</a> and then decreased across the week to close at $23.58 on 11th October 2021. The percentage change was about 0.4%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/e/E1Oz4GHv.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/E1Oz4GHv/">https://www.tradingview.com/x/E1Oz4GHv/</a>
<h2><b>DYDX Technical Analysis</b></h2>
The price increased and then decreased over the past week to form a hill, and the net change in the price was very less.

Currently, dYdX is trading $22.3, which is 5.47% down. The price is on a downtrend right now and is expected to take support at $21.

<strong>OBV</strong> is showing that the selling pressure is dominating the buying pressure. This means that the downtrend is likely to continue and traders may take a short position.

<strong>RSI</strong> is currently at 45.84% and is on a downtrend. This is again a bearish signal, showing that dYdX traders may take a short position now.

<strong>MACD</strong> is showing no divergence from the price chart. The slow line is taking over the fast line, which is a strong selling point. The traders may take a short position at this time.
<h2><b>Day-Ahead and Tomorrow</b></h2>
The chart has crossed the fib level at $22.65. DYDX is now expected to hit the level at $21.71.

Thus, the signals are bearish and traders may take a short position by placing a stop loss at $21. However, a trend reversal can also be seen once the chart hits the support at $21.

DYDX Technical Analysis: Price Collapsed Over the Past Week to Form a Hill, Low Net Change

The dYdX chart has crossed the fib level at $22.65. It is now expected to hit the level at $21.71. Thus, the signals are bearish and traders may take a short position by placing a stop loss at $21. However, a trend reversal can also be seen once the chart hits the support at $21. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

DYDX Technical Analysis: Price Collapsed Over the Past Week to Form a Hill, Low Net Change

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