Dormant DYDX Whale Awakens, Deposits 1.2M Tokens to Kraken

• A whale that has been inactive for over 700 days deposited 1.2 million DYDX to Kraken today.
• At press time, DYDX was trading at $4.02 after its price slipped by 1.42% in the past 24 hours.
• A symmetrical triangle on DYDX’s 4-hour chart suggests that the token’s price may break out in the next 24-48 hours.

A dYdX (DYDX) whale has awoken from its 730-day slumber and deposited a substantial amount of DYDX tokens on Kraken. Lookonchain, the on-chain tracking platform, revealed in an X post today that this dormant whale sent 1.2 million DYDX, worth $4.97 million, to Kraken over the last 12 hours.

As reported, the whale still holds 2.8 million DYDX, valued at $11.6 million, following the recent deposit made to Kraken. The post also shared that this specific whale received 4 million DYDX, estimated to be worth $16.5 million, from the dYdX Foundation Wallet in 2021.

Over the past 24 hours, the price of DYDX dropped 1.42%, according to data from CoinMarketCap. Consequently, the altcoin was changing hands at $4.02 at press time. This 24-hour loss was, however, dwarfed in comparison to the altcoin’s performances over the longer timeframes.

DYDX’s price had risen more than 55% throughout the past 7 days. This was a continuation of the cryptocurrency’s monthly performance, which stood at +116%. Meanwhile, DYDX’s yearly performance stood at +71%.

The altcoin was able to establish a peak at $4.34 during the last day of trading but has since pulled back to trade at its current level. As a result, DYDX was trading slightly closer to its 24-hour low of $3.84 than its daily high.

4-hour chart for DYDX/USDT (Source: TradingView)

A symmetrical triangle had formed on DYDX’s 4-hour chart after the cryptocurrency printed a series of higher lows and lower highs throughout the past 24 hours. This particular chart pattern suggests that DYDX’s price may break out in the next 24-48 hours.

Should the altcoin breakout towards the upside, then it may flip the $4.245 resistance level into support before climbing to $4.770 in the next couple of days. On the other hand, DYDX’s price entering into a bearish move could lead to it breaching the $3.720 support before potentially dropping to as low as $3.395.