Market Overview for dYdX (DYDXUSDT) as of 2025-08-05 12:00 ET

• dYdX consolidates between $0.5675–$0.5700 after a sharp sell-off below $0.5550.
• Strong bearish momentum emerges as RSI drops below 30, signaling oversold territory.
• Volatility surges during the early morning, peaking with $0.5795 highs and $0.5503 lows.
• Volume intensifies during price declines, confirming bearish sentiment.
• A potential Fibonacci rebound may form from the 61.8% level at $0.5533.

At 12:00 ET–1 on August 4, dYdX opened at $0.5613 and traded as high as $0.5795 before closing at $0.5686 by 12:00 ET on August 5. The total volume for the 24-hour window was approximately 5,298,560.95 DYDX, with notional turnover reaching around $2,991,649.00.

Structure & Formations

Price action on the 15-minute chart shows a strong bearish trend during the early part of the session, particularly between 07:00 and 09:00 ET, where dYdX declined from a high of $0.5795 to as low as $0.5503. This move features multiple engulfing patterns and a bearish reversal at the top of the prior rally. A key support level appears to form around $0.5533, where price finds temporary buyers after the selloff, and this aligns with the 61.8% Fibonacci retracement level of the $0.5613–$0.5795 bullish swing.

Moving Averages

On the 15-minute chart, the 20 and 50-period SMAs have both trended downward, reinforcing the bearish bias. For the daily chart, the 50-period SMA appears to act as a dynamic resistance level, currently around $0.5700. The price remains below the 200-period SMA, which reinforces a longer-term bearish outlook.

MACD & RSI

The MACD turned negative during the early morning hours and has remained in bear territory, with a bearish divergence forming as price rallies but the MACD does not. The RSI dropped sharply to sub-30 levels, indicating oversold conditions, but the lack of a strong bounce raises questions about near-term support.

Bollinger Bands

Volatility expanded significantly during the selloff, with price touching the lower Bollinger Band at $0.5503. The bands are now widening as volatility remains elevated, and price has remained within the bands for the most part, suggesting no immediate breakout.

Volume & Turnover

Volume spiked during the sharp sell-off, particularly between 07:00 and 09:00 ET, confirming the strength of bearish momentum. Notional turnover also increased in line with the selloff, reinforcing conviction among sellers. However, volume has since declined as the price consolidates near $0.5686, indicating a potential pause in the bearish trend.

Fibonacci Retracements

Applying Fibonacci to the recent bullish swing from $0.5613 to $0.5795, the 38.2% retracement level is at $0.5735, the 50% is at $0.5704, and the 61.8% is at $0.5533. Price appears to be finding temporary support at the 61.8% level, which may offer a short-term floor.

dYdX may test the $0.5686 level again in the next 24 hours, with potential for a rebound if the 61.8% Fibonacci level holds. However, bearish momentum remains strong, and a break below $0.5533 could extend the downtrend further, with increased volatility a risk to monitor.