🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

DYDX Is the Most Used Smart Contract by 500 Biggest the ETH Whales

Published 04/03/2023, 09:47
Updated 04/03/2023, 10:15
DYDX Is the Most Used Smart Contract by 500 Biggest the ETH Whales

  • Whalestats tweeted that DYDX is once again the most used smart contract among the 500 biggest ETH whales.
  • DYDX’s price has weakened against the USD, BTC, and ETH over the last 24 hours.
  • Technical indicators suggest that DYDX is taking a brief pause from its price drop.

The crypto whale tracking website, Whalestats, tweeted on their official Twitter page this morning that dYdX (DYDX) is once again the most used smart contract among the top 500 Ethereum (ETH) whales in the last 24 hours.

According to CoinMarketCap, the price of DYDX has fallen 3.98% over the last 24 hours. In addition to weakening against the U.S. Dollar, DYDX has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 3.91% and 3.98% respectively.

As a result, DYDX’s price stands at $2.59 at press time.

4-hour chart for DYDX/USDT (Source: TradingView)

The 4-hour chart for DYDX/USDT shows that the altcoin’s price has dropped below the key support level at $2.652 over the last 24 hours – bringing DYDX’s price down to the next support level at around $2.549. This drop below the key support level follows a big 12+% drop in the altcoin’s price on 3 March 2023.

This large price drop forced DYDX’s price below the 9 and 20 EMA lines on the 4-hour chart – where it continues to trade as press time.

Technical indicators suggest that the downward move in DYDX’s price may be coming to an end, however. At press time, the RSI line on DYDX’s 4-hour chart has leveled out in the oversold territory. Furthermore, there is also a good amount of buy support present on DYDX’s chart, as can be seen by the wick underneath the current 4-hour candle.

Traders will want to keep an eye on the $2.549 support level. Should DYDX’s price close the current 4-hour candle below this level then the altcoin may resume its price drop in the coming 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post DYDX Is the Most Used Smart Contract by 500 Biggest the ETH Whales appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.