dYdX Price Prediction – Will DYDX Price Hit $50 in 2021?

This dYdX (DYDX) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our DYDX price analysis and prediction.

The crypto industry was able to end the year 2021 gracefully despite the economic crisis brought by the CoronaVirus. As a result, investors from in and out of the crypto world are now closely monitoring various cryptocurrencies with potential. One of these tokens is the dYdX (DYDX), a token that provides support for the advertising industry.

Now that we’ve got some ideas about DYDX, do you think DYDX will be a profitable cryptocurrency this year? Let us find out together in this CoinQuora dYdX (DYDX) price analysis and price prediction 2021. But before we go there, let us understand first, “what is dYdX (DYDX)?”

What Is dYdX (DYDX)?

DYDX acts as a governance token that helps the community to truly oversee the dYdX Layer 2 Protocol. DYDX enables traders, liquidity providers, and partners of dYdX to work together towards an improved protocol by enabling shared control.

As a result, DYDX provides a robust ecosystem around governance, rewards, and staking that will drive future growth and decentralization of dYdX.

Now that we are fully aware of “what is dYdX (DYDX)?”, what are we waiting for? Let us now head to our DYDX price analysis and prediction for 2021.

DYDX Current Market Status

As of the time of writing this dYdX price analysis, DYDX trades at $26.12 with a 24-hour trading volume of $815,038,770. The price of DYDX has increased by 17.23% in the last 24 hours.

Furthermore, DYDX has a current circulating supply of 55,679,060  DYDX. Currently, the top cryptocurrency exchanges for DYDX are Binance, Huobi Global, OKEx, FTX, and Mandala Exchange.

Now, let’s proceed to the next part of this DYDX technical analysis for 2021.

DYDX Price Analysis 2021

Currently, dYdX holds the 75th place on CoinMarketCap. But will the latest upgrades, developments, and changes in the DYDX blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this DYDX price prediction article.

Based on the chart above, DYDX positions itself along with the raging bulls. Today, DYDX trades at a high price of $25.16.

In addition, we can see that DYDX recently performed an Ascending Channel pattern. An ascending channel is the price action that occurs in an upward direction through a rising parallel line. More so, the chart shows the Higher Highs and Higher Lows from this price pattern. In addition, this pattern represents a short-term bullish.

In other words, DYDX is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with DYDX.

Conversely, if the bulls turn against the crypto, the price of DYDX might fall. In short, DYDX might break out from its uptrend position and nosedive to a bearish price. Indeed, this price level is not a good picture in the eyes of the investors.

The Relative Strength Index (RSI) is close to 69.74, which means that DYDX is in an overbought state. Hence, this may lead to a price reversal at any given time. 

Therefore, traders must trade crypto carefully and must not be affected by the market hype. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of DYDX.

Since the start of 2021, DYDX ’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, DYDX has a competitive market this 2021.

DYDX Price Prediction 2021

The chart below shows that dYdX has performed great over the past few days. Moreover, the DYDX price rose 12% in the last 7 days. If this trend continues, DYDX might run along with the bulls, overtaking its $41.79 resistance level and rise higher.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone DYDX from its uptrend position. In simpler terms, the price of DYDX might drop to almost $17.59, a bearish signal.

Meanwhile, our long-term DYDX price prediction for 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $27.78 this year. Moreover, that will only happen if it breaks many previous psychological resistances.

DYDX Price Prediction 2022

If this bullish trend continues, DYDX will reach $60 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $75. Then this rise will slow down, but no major falls are expected. With upcoming partnerships, and developments reaching $60 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

DYDX Price Prediction 2023

The price of DYDX can move even great heights, however reaching $90. Moreover, this is possible only if the market maintains its bullish trend. In addition, only if the cryptocurrency Cardano breaks past the psychological resistance level.

DYDX Price Prediction 2024

As per the latest upgrades, developments, DYDX price prediction, and new project forecasts of the platform. Moreover, this might boost the price of DYDX in the crypto market, and it will be the best investment as the price can spike and reach around $125.

DYDX Price Prediction 2025

In the next four years, DYDX prices could rise up to $140. However, reaching this level could not be so difficult for DYDX as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that DYDX has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

dYdX has a bright future ahead of it in 2021. With the ongoing developments happening within the DYDX ecosystem, as well as in the overall crypto market, we may see DYDX reach new heights.

Bullish DYDX price prediction 2021 is $41.79. More so, it may even reach $50 if investors have decided that DYDX is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.