Today we are going to look at something new and hot, namely DYDXUSDT trading pair.
But let you write in comments what is the value of DYDX token and why its price is growing so much, and we will write possible scenarios.
To begin with, there are only about 6% of DYDX coins in circulation right now of the maximum allowed amount. The law of supply/demand tells us that increasing the coins in circulation will increase their supply in the market, and consequently there will be more pressure on the price.
For ourselves, we have identified the $29.50-30.50 price zone as the critical zone for growth. The way to reach it may be as from the current price (because for several previous days the DYDXUSD price is moving up against the BTCUSD correction), or through a correction to the area of $19. The second option would be more comfortable for us, because then you can enter the position with acceptable risks for the trade, now the price is too high, and the adequate stop is too far away.
If the price of DYDXUSDT fixes under $19, it will not be good for those who bought on the rise and has a long position, because the first stop of the fall in such a scenario is seen no earlier than $11.50.
A more global forecast that you are used to reading here from us, it is difficult to write about this pair, because the trading history is very short. But if this idea will be interesting for you and will get a big amount of comments and likes, we will write reviews about it with a certain periodicity. _____________________ Since 2016, we have been analyzing and trading the cryptocurrency market. We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer — help us to be happier :)
This one started to grow strongly just after China made all the crypto transactions illegal. Are chinese moved their cryptos for that reason to DyDx? Just asking.. Volume of their swap has increased hugely.
P_S_trade
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@TraderSpace, Thanks for the comment, I wonder if someone will recharge your thought
KuantumWinter
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@TraderSpace, I think that is what is happening right now and it makes sense. Chinese traders weren't just going to leave this easily