The price of dYdX experienced a 32% increase fueled by the hype surrounding dYdX Day in Dubai, attracting significant attention from investors. However, this rally may not indicate a prolonged upward trend, as profit-taking behavior appears to be impacting the market. Investors have begun locking in their profits, leading to a spike in realized profits and potentially dragging the price of dYdX lower. Market sentiment is leaning bearish, and the influx of selling could lead to further market correction. From a technical standpoint, dYdX's momentum appears fragile with the Relative Strength Index (RSI) in the overbought zone, suggesting a price correction may be imminent. Following its rise, dYdX's price has dropped by 6% due to profit-taking, indicating that the recent rally may have peaked. The altcoin is likely to face further bearish pressure and could lose support at $1.16, potentially leading to a larger drawdown. However, if it bounces off the support level, there could be another chance to breach the $1.33 resistance and invalidate the bearish outlook.



Other News from Today