DYDX has a chance to become a strong narrative for the coming weeks. The strength of this narrative depends on what's happening on the market, will we see a next wave of liquidations or not. It's good to have a chart layout prepared. We did it for you.
Our eye catching a few pieces, but especially looking into the last one, token holders balance trend, with accumulation with of perhaps a smartest group of DYDX token holders so far:
They were able to do a great job, adjusting their position at the right time. Having strong nerves, they sometimes buy during a crash. They seem to be knowing what they doing so far.
Santiment has a powerful feature, called "Screener".
It allows to produce a live list of tokens, filtered by specific criteria.
One of our public screeners, "Exchange Inflow" is set to highlight assets with increased exchange inflow, x3 compared to yesterday.
And there was DYDX on the list.
Looking into DyDx we found out that there was indeed a high exchange inflow, interestingly, a few hours prior to dump:
The top transactions table reveals a whale address initiatiting this move:
This is how his DYDX holdings chart looks like:
His funds ended up on Binance.
Yeah, even whales are getting desperate.
One of Santiment screeners has brought DYDX to our attention earlier today.
It was the "DAA Anomalies" screener where DYDX flashed a spike in Daily Active Addresses:
The last spike seems quite unusual indeed for a stagnant price. Bullish divergence?
Then we found an astonishing Network Growth for DYDX. Have a look at this beauty:
It's in a very strong uptrend potentially able to pick up the price, along with strong Active Addresses. Previous attempts to pump took place on even lower Network Growth.
Possible confidence markers:
- Price breaking 5.4 USD (above resistance)
- Network Growth remaining over 118 (current value)
- Active Addresses more than 380 (current level)
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.