DYDX Price Prediction 2023-30: Will DYDX Reach $100?
Latest DYDX Price
DYDX Price Performance, Last 12 Months
- Last 5 days: -14.5%, Underperformer*
- Last 30 days: -13.6%, Underperformer
- Last 6 Months: +48.8%, Outperformer
- Last 12 Months: -6.9%, Underperformer
DYDX Price Prediction: Latest News
- The dYdX Chain public testnet was launched on July 5, 2023, at 17:00 UTC. The completion of Milestone 3 added advanced features to their stable internal testnet, including placing limit orders, dynamic funding rates, and the use of ABCI 2.0 and other latest features of Cosmos-SDK. They also worked with a small group of external validators during their private testnet to test various aspects of the network.
- Milestone 4 marks the completion of features necessary for their public testnet launch, which includes a larger number of validators running their software (40+). The public testnet launched with Bitcoin and Ethereum markets, but they anticipate that the open-source software will include approximately 30+ markets as the network gets upgraded.
DYDX Price Prediction: Technical Analysis, July 7th
- The Relative Strength Index (RSI) is at 44.371, signaling a sell.
- The Stochastic RSI (STOCHRSI) is at 3.808, indicating an oversold condition.
- The Moving Average Convergence Divergence is at -0.007, signaling a sell.
- The Williams %R is at -90.237, indicating an oversold condition.
- The Average True Range (ATR) is 0.1413, indicating high volatility.
- The Moving Averages indicate a strong sell sentiment.
Overall, technical analysis for DYDX indicates STRONG SELL signal.
DYDX Price Prediction: Is DYDX a Good Investment?
dYdX is an open-source platform that is designed to lend, trade, and borrow crypto assets from users. Note that dYdX’s main focus is on margin and derivates trading.
- dYdX crypto exchange combines advanced financial tools with decentralization.
- dYdX exchange supports margin trading where investors can increase their exposure to crypto assets via leverage.
- dYdX users’ funds are automatically entered into a global lending pool and hence are eligible to earn automatic interest.
- The platform makes use of a zkSTARKS (a kind of zero-knowledge rollup) to increase the network’s stability.
- DYDX tokens can be staked in either dYdX’s safety pools or liquidity pools.
DYDX is the native governance token of the dYdX layer 2 protocol. It has a maximum supply of 1,000,000,000 tokens and out of which 156,256,174 tokens are already in circulation. The following are the use cases of the DYDX token:
- DYDX token provides the voting right to its holders for governing the platform.
- DYDX tokens can be staked to earn passive income.
- Reward programs for liquidity providing and trading are enabled around DYDX tokens.
- DYDX token holders get discounts on trading fees depending upon their holdings of the token.
DYDX is essentially a decentralized exchange platform that is more focused towards margin and derivate trading. Thus, it faces a lot of completion from the existing DEX platforms in the market because the market is cluttered with such platforms.
Therefore, considering the use cases of DYDX, it seems to be a moderate case for investment.
DYDX Price Prediction Today
|1. Market's Wisdom||Bearish|
|1a. Market Data||Partially Bearish|
|1b. Technical Recommendation||Sell|
|2. Crowd's Wisdom||Neutral|
|2a. Social Media Buzz||Higher|
|2b. Social Media Sentiment||Lower|
DYDX Price Prediction: Will DYDX Reach $100?
To reach $100, the DYDX token needs to grow by nearly 39 times of its current market price.
Also, DYDX reached its all-time high price of $27 in September 2021 where it grew by nearly 2.45 times in less than one month (i.e., from the lowest price of $11).
Therefore, considering its 2.45 times growth in one month, DYDX needs roughly 16 months to reach a price level of $100. But it is not feasible for DYDX to show a similar growth trend in the current market conditions as well. Thus, it might take more time than expected to reach a price point of $100.
DYDX Price Prediction 2023, 2025 and 2030
- DYDX Price Prediction 2023 is $4.43
- DYDX Price Prediction 2025 is $8.23
- DYDX Price Prediction 2030 is $35.16
Also Read: Litecoin Price Prediction
Where Can I Buy DYDX Crypto?
DYDX tokens can be bought from various centralized and decentralized crypto exchanges such as Binance, Kraken, KuCoin, Gate.io, Huobi, OKX, Bybit, Bitstamp, WazirX, SushiSwap, Raydium, CEX.IO and Uniswap.
- CEX.IO – CEX.IO is a cryptocurrency exchange with a user-friendly design and a variety of trading options that allows users to buy, sell, and trade multiple cryptocurrencies such as Bitcoin, Ethereum, and others.
- Kraken – Kraken is a major cryptocurrency exchange that allows users to trade numerous cryptocurrencies while also providing sophisticated features such as margin trading, staking, and futures trading, as well as a strong emphasis on security and regulatory compliance.
- KuCoin – KuCoin is a cryptocurrency exchange that allows users to trade a variety of cryptocurrencies and includes features such as staking, lending, and a native token. It has an easy-to-use UI and strong security safeguards.
- ByBit – Bybit is a cryptocurrency derivatives exchange that focuses on leveraged Bitcoin, Ethereum, and other cryptocurrencies trading. It provides futures and perpetual contracts, as well as sophisticated trading tools with a focus on high-performance trading.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.