The digital token DYDX, belonging to the decentralized exchange dYdX, has caught the attention of major investors due to a bullish price pattern formation. Recently, a whale transaction observer named EyeOnChain posted on social media about a significant shift in interest from Uniswap (UNI) to DYDX.
Significant Crypto Transaction: UNI to DYDX
EyeOnChain disclosed on social media that a crypto whale with the wallet address “0x972” transferred UNI tokens for DYDX via Binance, one of the largest cryptocurrency exchanges globally.
As per details shared, the whale initially deposited a notable amount of 206,100 UNI tokens valued at $3.97 million onto Binance. Shortly after, the whale withdrew 1.065 million DYDX coins worth $2.82 million from Binance, buying them at an average of $2.642 per token.
This move came right after DYDX surpassed a significant resistance level set at $2.41.
Technical Analysis and Targets for DYDX
Experts analyzing the crypto market state that DYDX is currently retesting the breakout level. If the digital asset manages to stay above $2.30, there is a high likelihood of a substantial 90% surge, potentially reaching $4.70.
However, failure to hold above $2.30 might invalidate this optimistic scenario.
At present, DYDX’s Relative Strength Index (RSI) indicates it is not in the overbought zone yet, suggesting the token still has room for growth in the foreseeable future.
Positive On-Chain Data
The breakout of DYDX attracted attention from both retail and institutional investors, according to data from the on-chain analytics company Coinglass.
Massive DYDX Outflows Valued at $11 Million
Recent data tracking DYDX’s inflow and outflow on various platforms indicated that exchanges experienced significant outflows totaling $11 million within the last 24 hours.
When referring to cryptocurrencies, “outflows” signify assets being moved from exchanges to personal wallets for long-term holding. Typically, elevated outflows hint at a potential price increase or a favorable time to invest.
Decrease in Trader Activity
Additionally, the Open Interest (OI) for DYDX showed traders are closing positions, likely in response to the recent price correction or triggered stop-loss orders. Coinglass reported an 11% drop in DYDX’s OI over the prior day and a further 4% decline in the last four hours.
These combined on-chain data reveal that despite low interest from short-term traders, long-term holders continue to find DYDX appealing. Traders’ reduced activity could be linked to the ongoing price adjustment in the market.