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This morning, the blockchain monitoring company Lookonchain tweeted that a whale recently liquidated a significant amount of his dYdX (DYDX) holdings. They noted in the report that the whale had recovered 570,266 tokens and had deposited 225,833 DYDX to the cryptocurrency exchange platform Bybit shortly after.
The whale had received almost $1.26 million and had sent $501,000 to the exchange platform, according to the price of DYDX at the time the payments were made. Additionally, according to Lookonchain, this specific whale has a pattern of depositing DYDX to exchanges for sale right away after claiming some tokens.
As of the time of publication, CoinMarketCap showed that the alternative coin had lost value during the previous day. DYDX was consequently trading at $2.17. As a result, it also declined by 0.48% and 1.05%, respectively, against the two leaders of the cryptocurrency market, Bitcoin (BTC) and Ethereum (ETH).
Behind Enjin Coin (ENJ), which has a market cap of $352,305,550, and in front of 1inch network (1INCH), which has an estimated cap of $338,390,031, DYDX is the 99th largest cryptocurrency project by market cap. The cryptocurrency's recent downward price movement was unable to drag down its weekly performance, which was +2.85% at the time of publication.
On the 4-hour chart of DYDX, a bullish ascending triangle pattern has developed as a result of the altcoin's price printing higher lows over the last few days. Before the bullish pattern can be recognised, the price of DYDX must break out of it at the close of the most recent 4-hour candle. The price of DYDX will fall to $2.052 if the following candle closes below $2.164.
When the 9 EMA line on the 4-hour chart crosses below the 20 EMA line, it will be a confirmation that this bearish thesis will come to fruition over the course of the next 24 hours. On the other side, DYDX's price will attempt to break above the $2.239 resistance level in the following 48 hours if the subsequent 4-hour candle closes above the $2.164 level.
