Growing DEX dYdX has undertaken an explosive +65% move amid surging $1.7bn trading volumes, but as DYDX price explodes is it too late to buy dYdX?
The top ranked DEX by trading volume dYdX has seen explosive growth driven by its perpetual contracts offerings in recent weeks.
With 24-hour volumes now standing at $1,785,782,807, dYdX currently represents a whopping 24.5% of total DEX market volumes – fuelling growth in DYDX price.
DYDX Price Analysis: As dYdX Dominates DEX Market Volumes Is It Too Late to Buy DYDX?
DYDX price continues to press high into the breakout trading channel, leaving dYdx currently trading at a market price of $3.96 (representing a 24-hour change of +0.61%).
This comes after a thunderous candle yesterday (November 14) saw DYDX price leap +36.45% – pushing high up to the upper trendline.
DYDX price has been on breakout footing since price pushed above the 200DMA on October 24, ending 4-months of impenetrable resistance from the moving average.
This was quickly followed by an ascendant 20DMA, which formed a golden cross pattern in a bullish signal on October 31.
Now battling upper trendline resistance at $3.95, DYDX price appears to be fighting to consolidate these newfound gains in a poise that would leave price action primed to attempt a test of resistance.
However, this conflicts with a substantially overheated RSI, which signals overbought price levels reading at 82.41 – suggesting price action needs to consolidate here.
Meanwhile the MACD remains bullish, with a reading at 0.144, as momentum behind DYDX’s recent price moves remains strong.
Overall, given the significant performance of the dYdX DEX, and the strength of recent DYDX price action, the chart looks healthy here, with DYDX consolidating ahead of a crucial resistance test.
This leaves DYDX price with a short-time frame target at $4.3 (a potential +7.34%).
While downside risk here could see DYDX price fall to lower support at $3.675 (a possible -8.26%).
DYDX price therefore carries a risk: reward ratio of 0.89 – this suggests that while performing well, a late entry into the rally here could create undue downside risk, suggesting it is too late to buy DYDX.
But while DYDX price offers a poor entry, a new meme coin is surging with a promising GameFi offering supercharging market interest – don’t miss out on this easy 20x play.
Don’t Miss: Meme Kombat Presale Blasted Past $1.7m in Funding as Traders Flock to Easy 20X
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
In honor of us reaching $1.7 million in presale, we are celebrating with something really fun coming soon to our Telegram channel
Stay tuned. pic.twitter.com/jJ9P37gVKF
— Meme Kombat (@Meme_Kombat) November 15, 2023
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.189, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.