DYDX, the native token of the dYdX platform, surged over 18% in the past 24 hours, driven by a significant increase in trading volume and a tightening supply. Despite a warning from the Philippines SEC regarding its unregistered status, speculative trading pushed daily trading volume up by 165% to approximately $25 million. The token's supply has decreased from 399.2K to 355.4K over the past month, with more than 2,800 holders contributing to the supply crunch. The price rally saw DYDX testing the $0.16 resistance level, having consolidated between $0.1279 and $0.1530 for over ten days. Bulls are attempting to break above this resistance, aiming for $0.18 as the next target. However, the Long/Short Ratio indicates a reduction in buying pressure, suggesting potential profit-taking that could threaten the rally's continuation. The daily pivot point at $0.13 remains a critical support level for maintaining the bullish momentum.
DYDX Surges 18% Amid Supply Crunch and Increased Trading Volume
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