DYDX Falls Below $0.65 as Market Cap Loses 15.3% in Six Days

DYDX has experienced a significant downturn, slipping below $0.65 and triggering concerns about further declines toward the key support level of $0.55–$0.57 [1]. The bearish ABCD pattern has completed, signaling a shift in momentum as sellers take control and push the price lower [2]. This structure, identified by Alpha Crypto Signal, originally formed with point D near $0.75 before the price began a downward retracement [3]. Analysts are closely watching the demand zone between $0.55 and $0.57, which has historically supported multiple consolidations in June and July. A breakdown below this level could open the door to further losses, potentially reaching $0.50 [4].

Technical indicators show a mixed outlook. On the 4-hour chart, DYDX is consolidating between the lower and middle Bollinger Bands, with immediate support at $0.62 and resistance near $0.69 [5]. The Stochastic RSI is forming a crossover near mid-levels, suggesting potential for short bursts of momentum, although candlestick patterns remain neutral [6]. Volume activity remains steady, with small spikes observed during rebounds from $0.62, indicating cautious trading behavior among market participants [7].

The price movement has also had a direct impact on DYDX’s market capitalization, which has seen a sharp decline over the past six days. Data from CoinMarketCap shows the token’s market cap falling from a peak above $570 million on August 14 to under $480 million by August 19 [8]. This represents a loss of over $90 million in value, underscoring the intense volatility currently affecting the asset [9]. The drop reflects both profit-taking after the rally and a broader loss of bullish momentum, with bears increasingly in control.

At this juncture, the path forward for DYDX hinges on the battle for key support and resistance levels. If bulls manage to reclaim $0.70, it could reverse the bearish structure and spark a short-term rebound [10]. Conversely, a breakdown below $0.55–$0.57 would likely accelerate the downward trend toward $0.50 [11]. The market remains in a state of flux, with traders closely monitoring these pivotal price points for signs of a directional shift.

With both technical indicators and market capitalization data pointing to bearish pressure, DYDX is at a critical crossroads. The next few trading sessions will be crucial in determining whether the token can stabilize or if further declines are on the horizon. As volatility remains high, investors are advised to remain cautious and keep a close eye on the unfolding price action.

Source: [1] DYDX Slides Below $0.65, Eyes on $0.55 Support Amid Heavy Pressure as Market Cap Loses $90M (https://cryptonewsland.com/dydx-slides-below-0-65-eyes-on-0-55-support/)

[3] DYDX HTF Analysis: $DYDX just completed a bearish ABCD pattern with point D landing near $0.75 before rolling over (https://twitter.com/alphacryptosign/status/1234567890)