dYdX (DYDXUSDT) Market Overview

• dYdX (DYDXUSDT) traded in a 24-hour range of $0.6796–$0.7152, closing near the upper end at $0.7074.
• A bullish breakout above $0.7050 was followed by consolidation, suggesting potential for further upside.
• Volume spiked during the 03:15–04:30 ET window, supporting the recent rally but showing signs of exhaustion.
• RSI remains in neutral territory, while MACD shows narrowing bullish momentum.
• Price is approaching a key 61.8% Fibonacci level at $0.7165, which could trigger a reversal if rejected.

Market Overview

dYdX (DYDXUSDT) opened at $0.7033 on 2025-07-20 at 12:00 ET and closed at $0.7074 on 2025-07-21 at 12:00 ET. The pair reached a high of $0.7152 and a low of $0.6796 over the 24-hour period. Total volume amounted to approximately 8,995,201.39 contracts, with notional turnover of $6,358,244.88.

The 24-hour price action showed a bullish bias, with a strong rally from the session low of $0.6796 to a peak of $0.7152. The move was supported by elevated volume during the 03:15–04:30 ET window, indicating buying pressure. However, the inability to hold above $0.7100 and the subsequent pullback suggest a potential correction may be forming.

Structure & Formations

Key support levels emerged at $0.6950 and $0.6834, both of which were tested and held during the session. Resistance is forming at $0.7100 and $0.7152, with the latter being a recent swing high. Notable candlestick patterns include a bullish engulfing pattern around 03:15 ET and a bearish hanging man at the top of the $0.7152 high, hinting at possible distribution.

Moving Averages

On the 15-minute chart, price spent most of the session above the 20-period and 50-period SMAs, suggesting a short-term bullish bias. On the daily timeframe, the 50-period SMA is at $0.7025, with the 200-period SMA at $0.6930, indicating a broader positive trend.

MACD & RSI

The MACD crossed above zero during the early part of the session and has since flattened, suggesting waning bullish momentum. RSI is currently at ~52, which is neutral territory, and has not entered overbought or oversold levels. This suggests the market is neither overextended nor showing signs of exhaustion.

Bollinger Bands

Price traded near the upper Bollinger Band during the late hours of the session, indicating elevated volatility. The band width expanded after the 03:15 ET spike, suggesting increased uncertainty. If price breaks above the upper band, it could signal a continuation of the rally.

Volume & Turnover

The highest volume spike occurred around 03:15–04:30 ET, coinciding with a $0.7030–$0.7152 move. Turnover also spiked during this time, confirming the strength of the bullish move. However, the lack of follow-through volume after the $0.7152 high suggests that the move may lack conviction.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing from $0.6796 to $0.7152, the 61.8% retracement level is at $0.7165. Price is currently approaching this level and may test it over the next 24 hours. A rejection at this level could trigger a pullback toward the $0.6950–$0.6900 range.

dYdX may continue to test key resistance near $0.7100–$0.7165 in the next 24 hours, with a potential pullback if buyers fail to step in. Traders should watch for volume confirmation and Fibonacci level reactions to gauge the next directional move. As always, a break below $0.6950 could trigger a more extended correction.