Decentralized trading protocol dYdX (DYDX) rallied over 25% today after a whale was spotted accumulating the token. The price jump comes as analysts identify key levels that could see DYDX surge up to 100% from current levels around $3.90.
What you'll learn 👉
Whale Buying Boosts Price
According to on-chain analyst Lookonchain, a whale recently deposited 1 million DYDX worth around $4 million to Kraken exchange. The whale is currently holding 1.03 million DYDX now worth over $4 million after today’s 30% spike.
Had the whale sold at the top today, it could have realized approximately $1.5 million in profits. Instead, the large accumulation signals confidence in major upside ahead.
Trading Levels to Watch
With DYDX surging on whale buying, trader Valeriya outlined key levels to watch going forward. Valeriya notes DYDX made a clear ascending move off the recent lows.
The first target is the overhead resistance zone around $5.50 to $7. This lines up with the OB/BTS level, so Valeriya suggests looking to take profits on longs there after a confirmation.
On any retracement back to the $2.60 to $3 demand zone, Valeriya sees an optimal area to enter fresh long positions before the next leg up.
Why a 100% Move is Possible
Valeriya’s analysis shows DYDX doubling from current levels to the $5.50-$7.00 resistance area. But a move above that could open the door for a further rally.
With whales aggressively buying, DYDX has the fundamentals to power through overhead levels. If it flips resistance to support upon a retest, the technical alignment is there for a surge up to $10 or more.
Momentum Building
Analyst Crypto Knight also weighed in, suggesting traders buy DYDX on any dips to “sell higher.” Sentiment appears to be growing increasingly bullish on DYDX following today’s breakout.
If DYDX sees a retest of support and holds above $3, Valeriya’s analysis indicates the price could double with his chart showing a possible rise to around $10. With whales loading up, the technicals and fundamentals align for substantial upside from current levels.
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The confluence of bullish technicals and on-chain activity points to DYDX’s price potentially tripling from where it trades currently. The whales seem to be positioning for major upside, and analysts believe a 100% move is within reach.
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