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The crypto whale tracking website, Whalestats, tweeted on their official Twitter page this morning that dYdX (DYDX) is once again the most used smart contract among the top 500 Ethereum (ETH) whales in the last 24 hours.
According to CoinMarketCap, the price of DYDX has fallen 3.98% over the last 24 hours. In addition to weakening against the U.S. Dollar, DYDX has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 3.91% and 3.98% respectively.
As a result, DYDX’s price stands at $2.59 at press time.
The 4-hour chart for DYDX/USDT shows that the altcoin’s price has dropped below the key support level at $2.652 over the last 24 hours – bringing DYDX’s price down to the next support level at around $2.549. This drop below the key support level follows a big 12+% drop in the altcoin’s price on 3 March 2023.
This large price drop forced DYDX’s price below the 9 and 20 EMA lines on the 4-hour chart – where it continues to trade as press time.
Technical indicators suggest that the downward move in DYDX’s price may be coming to an end, however. At press time, the RSI line on DYDX’s 4-hour chart has leveled out in the oversold territory. Furthermore, there is also a good amount of buy support present on DYDX’s chart, as can be seen by the wick underneath the current 4-hour candle.
Traders will want to keep an eye on the $2.549 support level. Should DYDX’s price close the current 4-hour candle below this level then the altcoin may resume its price drop in the coming 24 hours.
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