DYDX rises 10% in 24 hours, but is the bull run nearing its end?
DYDX ranks first on the list of the top DeFi projects by Development Activity on 24 October. The token’s price also turns bullish, but a few metrics pose concerns.
- DYDX’s price surged by more than 10% in just the last 24 hours.
- Most metrics were in the buyers’ favor.
dYdX [DYDX] registered a promising uptick over the last few days, thanks to the ongoing bullish market. As the token’s price climbed, Development Activity around it also surged substantially, as dYdX had a score of 211 on 24 October.
Read dYdX’s [DYDX] Price Prediction 2023-24
But will high Development Activity be enough for the token to maintain its momentum?
dYdX’s Development Activity is high
As per the latest tweet from Crypto Dep, a popular X (formerly Twitter) handle that posts updates related to the crypto ecosystem, the Development Activity of dYdX noted a spike over the last month.
⚡️Top #DeFi Projects by Developer Activity
24 October 2023Dev.Activity – the development activity of a project done in its public Github repositories. Development Activity metrics are measured in a number of Github events. Data source: @Santimentfeed.#dYdX – 221#Radix -… pic.twitter.com/j64o9WJHAd
— CryptoDep (@Crypto_Dep) October 24, 2023
This rise was also reflected on the ground as the blockchain announced dYdX Ops SubDAO. As per the official tweet, dYdX Ops SubDAO will be running a community-owned dYdX Chain front end and indexer.
Meet the dYdX Ops SubDAO 👋
They will be running a community owned dYdX Chain front end and indexer.
Follow them for more chain updates: https://t.co/Bz7WYTm756
— dYdX (@dYdX) October 23, 2023
However, Santiment’s data painted a different picture. As per the chart, the blockchain’s Development Activity and Dev. Activity Contributors Count actually registered declines over the last seven days.
DYDX investors are enjoying profits
Amidst these developments, DYDX’s price action turned bullish. In just the last 24 hours alone, the token’s price surged by more than 10%. At the time of writing, it was trading at $2.33 with a market capitalization of over $428 million.
The price hike was also accompanied by a rise in trading volume. According to Santiment, the token’s Supply on Exchanges dropped below its Supply outside of Exchanges. This indicated that buying sentiment was dominant in the market.
Whale activity around the token was also high, but the supply held by top addresses declined slightly, meaning that the big players were selling their holdings at press time.
Realistic or not, here’s DYDX’s market cap in BTC’s terms
The token’s MACD displayed a clear bullish edge in the market. Its Chaikin Money Flow (CMF) also registered a sharp uptick and went above the neutral mark.
However, its Relative Strength Index (RSI) and Money Flow Index (MFI) both flashed concerning signals as they entered the overbought zone. This could increase selling pressure and, in turn, put an end to the token’s bull rally.
