The recent transfer by a whale could send the price of DYDX down
- Blockchain tracking firm Lookonchain highlighted a large DYDX transfer to Bybit this morning.
- The address responsible for the transfer has been in the habit of selling large chunks of DYDX soon after claiming a piece of the token.
- At the time of writing, DYDX stock is down slightly and is trading at $2.17.
Blockchain tracking firm Lookonchain tweeted this morning that a whale recently sold a large portion of its dYdX (DYDX) holdings. In the post, they highlighted that whales had redeemed 570,266 tokens and deposited 225,833 DYDX shortly thereafter on Bybit, the cryptocurrency exchange.
The DYDX price at the time the transfers were made means that the whale received about $1.26 million and sent $501,000 to the exchange. Additionally, Lookonchain mentioned that this particular whale has a habit of depositing DYDX on exchanges for sale shortly after claiming certain tokens.
At the time of publication, CoinMarketCap notes that the altcoin has seen a loss in the past 24 hours. As a result, DYDX was trading at $2.17. It also weakened it against crypto market leaders (BTC) and (ETH) by 0.48% and 1.05%, respectively.
As the 99th largest cryptocurrency project by market capitalization, DYDX ranked behind Enjin Coin (ENJ) with a market capitalization of $352,305,550 and ahead of 1-inch network with an estimated maximum of $338,390,031. The cryptocurrency’s recent negative price action has been unable to flip its weekly performance into the red, which is +2.85% at press time.
4-hour chart for DYDX/USDT (Source: TradingView)
An ascending ascending triangle pattern has formed on the 4-hour chart of DYDX, after the altcoin’s price made higher lows over the past few days. The close of the current 4 hour candle will determine whether DYDX price will exit the bullish pattern or not before validating it. The next candle that closes below $2,164 will send DYDX price down to $2,052.
Confirmation of this bearish thesis will come in the next 24 hours when the 9 EMA line on the 4 hours chart crosses below the 20 EMA line. On the other hand, closing the next 4-hour candle above the $2.164 mark will lead to DYDX price attempting to breach the $2.239 resistance in the next 48 hours.
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The last move by a whale that could drive down the price of DYDX appeared for the first time in the coin issuance.