- dYdX announced new features on its blockchain.
- However, DYDX was down by over 8%, and other metrics looked bearish as well.
It has been two days since dYdX [DYDX] progressed from its beta stage to full production trading on the blockchain. Notably, Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and Chainlink [LINK] will be available to trade on the platform.
The launch made dYdX a topic of discussion in the crypto community. This was evident from the considerable spike in its Social Volume over the last few days.
However, the launch did not go as expected, as the token remained under the bears’ influence. AMBCrypto gleaned that most of the above mentions might have been negative, as DYDX’s Weighted Sentiment registered a massive drop, per Santiment.
Source: Santiment
Is DYDX’s declining price good for investors?
The launch failed to affect the token’s price positively. According to CoinMarketCap, DYDX was down by more than 8% in the last seven days. At the time of writing, it was trading at $3.20 with a market capitalization of over $587 million.
A look at the token’s on-chain data revealed what went wrong. As per AMBCrypto’s analysis, DYDX’s MVRV ratio dropped over the last few days.
Its Network Growth also declined, meaning that fewer new addresses were trading the token at press time.
Source: Santiment
Nonetheless, its Exchange Outflow spiked on the 30th of November. This meant that investors used DYDX’s declining prices as an opportunity to accumulate more of the token.
But will an increase in buying pressure be enough to lift DYDX’s price in the coming days?
Realistic or not, here’s DYDX’s market cap in BTC’s terms
DYDX’s MACD displayed a clear bearish advantage in the market. Its Relative Strength Index (RSI) took a sideways path, suggesting that investors could expect a few slow-moving days.
However, DYDX’s Bollinger Bands revealed that its price was entering a less volatile zone, decreasing the chances of a continued downtrend. Its Money Flow Index (MFI) also registered an uptick at press time — a positive sign.
Source: TradingView