Journalist
Posted:
[DYDX]
Optimism [OP], [HBAR]And [SUI]
— Lookonchain (@lookonchain) November 27, 2023
DYDXThe price was not affected much. Instead, the value started to rise a few days afterward, thanks to bullish market sentiment.
However, it should be noted that negative sentiment surrounding the token peaked during the previous unlock.
Source: Santiment
What you can expect from DYDX
Since the blockchain will unlock a huge number of tokens this time, the chances of a DYDX price drop seem high.
Market sentiment surrounding the token also looked bearish, evident from the low-weighted sentiment. But social volume was high, meaning DYDX remained a topic of discussion in the crypto space.
Source: Santiment
According to CoinMarketCapDYDX is down more than 4% in the last 24 hours.
At the time of writing, it was trading at $3.17 with a market cap of over $582 million. Things could get worse before the token is unlocked as the market indicators look bearish.
Read Dydx’s [DYDX] Price prediction 2023-24
The MACD showed a bearish crossover. Both the Money Flow Index (MFI) and the Chaikin Money Flow (CMF) have fallen, increasing the likelihood of a continued downtrend.
Therefore, investors should remain cautious before making any decision DYDX
Source: TradingView