KEY TAKEAWAYS
DYDX supports the dYdX decentralized exchange, which allows people to use crypto for margin trading.
DYDX launched its own blockchain in 2023.
Our DYDX price predictions suggest that DYDX can reach $1.96 in 2025.
The DYDX exchange made the headlines late last year when it launched its own blockchain. The platform aimed to transfer its old DYDX tokens from Ethereum to the new mainnet.
However, in the autumn of 2024, the platform announced it was making 35% of its staff redundant.
On Nov. 1, 2024, DYDX was worth about $0.993.
Let’s now take a look at our price predictions for DYDX, made on Nov. 1, 2024. We will also examine the DYDX price history and talk a little about what DYDX is and what it does.
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dYdX Price Prediction
Let’s examine CCN’s DYDX price predictions for Nov. 1. We will use the wave count method to arrive at our predictions and then add and subtract 20% from the final target to create the minimum and maximum DYDX price predictions.
| Minimum DYDX Price Predictions | Average DYDX Price Predictions | Maximum DYDX Price Predictions | |
|---|---|---|---|
| 2024 | $1.02 | $1.27 | $1.52 |
| 2025 | $1.32 | $1.64 | $1.96 |
| 2030 | $0.31 | $0.38 | $0.45 |
The most likely wave count suggests that DYDX is mired in an A-B-C corrective structure, in which wave A developed into a leading diagonal. If the count is correct, the DYDX price has just completed wave B and will soon begin wave C.
Both the start of wave A and that of wave C were catalyzed by bullish divergence (green) in the three-day RSI.
If wave C has the same magnitude and duration as wave A, DYDX will reach a high of 4.40 in December 2025. Projecting a similarly shaped rate of increase will lead to DYDX price predictions of $1.27 and $1.64 for the end of 2024 and 2025, respectively.
Finally, we use the daily rate of decrease to predict the DYDX price at the end of 2030. In the two years since Oct. 2022, DYDX has fallen by 25%, for a daily rate of decrease of 0.05%. Projecting this decrease until the end of 2030 leads to a price of $0.38 at the end of 2030. Adding and removing 20% to this target gives our minimum and maximum DYDX coin price predictions.
DYDX Price Prediction for 2024
The wave count method gives a DYDX price prediction range between $1.02 and $1.52 for the end of 2024.
DYDX Price Prediction for 2025
The wave count method predicts a DYDX price range between $1.32 and $1.96 by the end of 2025.
DYDX Price Prediction for 2030
Using the daily rate of decrease, we arrive at a DYDX price prediction range of $0.31 to $0.45 for the end of 2030.
DYDX Price Analysis
A closer look at the DYDX movement shows that the price follows a descending resistance trend line since May.
It made an unsuccessful breakout attempt in November (black icon) before falling.
Before the upward movement, the three-day RSI generated a bullish divergence (green). The divergence’s trend line is still intact.
DYDX also follows a short-term ascending support trend line.
DYDX can increase to the next resistance if a breakout happens at $2.
Short-Term DYDX Price Prediction
The DYDX price prediction for the next 24 hours suggests an eventual increase to the resistance trend line, and a breakout is likely.
The trend remains bullish as long as the short-term ascending support trend line is intact.
DYDX Relative Strength Index (RSI): Is DYDX Overbought or Oversold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On Nov. 1, 2024, DYDX’s RSI was at 41, a sign of a bearish trend.
DYDX Average True Range (ATR): DYDX Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
On Nov. 1, 2024, DYDX’s ATR was 0.0353, a sign of relatively low volatility.
DYDX Market Cap to TVL Ratio
The Market Cap to Total Value Locked (TVL) ratio measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts.
This ratio shows the project’s utilization and links the platform’s health to locked asset value.
A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.
On Nov. 1, 2024, the DYDX TVL ratio was 2.76, indicating overvaluation.
DYDX and the CCN Index
The CCN Index uses various indicators to determine a cryptocurrency’s price momentum.
On Nov. 1, 2024, DYDX scored 34.2 on the CCN Index, suggesting fairly weak price momentum.
Best Days and Months to Buy DYDX
We examined the DYDX price history and found the lowest prices on certain days, months, quarters, and even weeks in the year, indicating the best times to buy DYDX.
| Time to Buy DYDX | Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Friday |
| Best Week | 6 |
| Best Month | January |
| Best Quarter | First |
DYDX Price Performance Comparison
DYDX is the native token of a decentralized exchange, so let’s compare its performance with similar projects.
| Current Price | One Month Ago | Price Change | |
|---|---|---|---|
| DYDX | $0.993 | $1.04 | -4.51% |
| PancakeSwap | $1.75 | $2.07 | -15.4% |
| Jupiter | $0.951 | $0.9032 | +5.29% |
| Uniswap | $7.80 | $7.85 | -0.63% |
DYDX Price History
Let’s now examine the dYdX price history. While past performance should never be taken as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a dYdX price prediction.
| Period | DYDX Price |
|---|---|
| Last Week (Oct. 25, 2024) | $1.12 |
| Last Month (Oct. 1, 2024) | $1.04 |
| Three Months Ago (Aug. 1, 2024) | $1.20 |
| Launch Price (Dec. 12, 2023) | $2.38 |
| All-Time High (March 7, 2024) | $4.53 |
| All-Time Low (Sept. 6, 2024) | $0.8067 |
DYDX Market Cap
The market capitalization, or market cap, is the sum of the total number of DYDX in circulation multiplied by its price.
On Nov. 1 2024, DYDX’s market cap was $639 million, making it the 99th-largest crypto by that metric.
DYDX Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total Supply | 773,049,776 |
| Circulating supply as of Nov. 1, 2024 | 643,931,707 (83.29% of maximum supply) |
From the dYdX Whitepaper
In its technical documentation or whitepaper, DyDx says that the DYDX crypto is designed to help the community run the platform. It says: “DYDX enables a robust ecosystem around governance, rewards, and staking — each designed to drive future growth and decentralization of dYdX, resulting in a better experience for users.”
Computer programmer Antonio Juliano and business consultant Zhuoxun Yin founded dYdX in 2017. Princeton University graduate Juliano previously worked as an engineer for Coinbase and Uber. Yin, who has a degree from the University of Queensland, left dYdX in 2020. He is now COO and co-founder of the Magic Eden non-fungible token (NFT) marketplace.
dYdX (DYDX) Explained
One of the most important parts of the cryptocurrency ecosystem is the crypto exchange. Because cryptocurrencies have no underlying value, it is crucial to have a place where people can buy, sell, and trade them.
There are two types of crypto exchange. Centralized exchanges (CEXes) are more common but have drawbacks. Decentralized exchanges (DEXes) aim to let users list whichever coins and tokens they want to trade. The dYdX exchange is a DEX.
The DYDX coin supports the dYdX exchange.
How dYdX Works
DYdX is a little different from other DEXes because it allows people to do things other than trade crypto. For instance, dYdX features margin trading. This means that people can, in effect, borrow crypto assets from the platform. They can then bet on whether the price will go up or down using the borrowed crypto. This is made possible by smart contracts, computer programs that automatically execute once certain conditions are met.
The dYdX exchange also allows people to borrow and lend cryptocurrency.
The DYDX crypto token powers the dYdX exchange. DYDX holders can vote on changes to the network. The token also pays for rewards and transaction fees, and people can buy, sell, and trade it on exchanges.
Is dYdX a Good Investment?
It is hard to say. While the crypto has performed well lately, we don’t know if and when it will cool off..
As always with crypto, you should do your research before deciding whether or not to invest in DYDX.
Will dYdX go up or down?
No one can tell right now. While the dYdX crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down and up.
