Market Overview for dYdX (DYDXUSDT) on 2025-08-15

• dYdX declined 13.5% in the last 24 hours, closing near a key support level at $0.6629.
• A bearish divergence in RSI suggests weakening momentum despite rising volume in the final 6 hours.
• Price action shows a bearish engulfing pattern at $0.6858, confirming downward bias.
• Volatility expanded midday, with Bollinger Bands widening, indicating heightened uncertainty.
• Fibonacci retracement at $0.6550 may act as a short-term floor in the near term.

At 12:00 ET on August 14, dYdX (DYDXUSDT) opened at $0.6833 and traded as high as $0.6858 before closing at $0.6629 at 12:00 ET on August 15. The pair hit an intraday low of $0.6346, marking a sharp bearish trend. Total trading volume amounted to approximately 2,541,845.37 contracts, with a notional turnover of $1,717,660.45. The extended sell-off and late-day consolidation suggest increased caution among traders.

Structure & Formations

Price action over the 24-hour period displayed a strong bearish bias, with a key bearish engulfing candle forming at the 6-hour mark, where price opened at $0.6791 and closed at $0.6857 after printing a high of $0.6887. This formation, combined with a failed rebound above $0.6855, suggests that sellers dominated the session. Notable support levels include $0.6629 (2025-08-15 close) and $0.6511 (a previous low), with the former acting as a potential short-term floor. A doji formed at $0.6610 in the early morning hours, indicating indecision and a possible pause in the downward trend.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, reinforcing the bearish sentiment. The 50-period MA was at $0.6702 at the close of the session, suggesting a continuation of the downward trend. On the daily chart, the 50, 100, and 200-day moving averages are not immediately aligned to suggest a major reversal, but the steep decline may bring the 200-day MA into a more bearish position in the near term.

MACD & RSI

The RSI fell below 30 for the first time in recent days, indicating oversold conditions and potential for a short-term bounce. However, a bearish divergence is visible, as RSI failed to rise above 50 despite price recovering slightly in the final hours. The MACD line remained negative, with the histogram narrowing, which could signal a slowdown in the rate of decline. Traders may watch for a potential RSI rebound above 40 for early signs of a counter-trend.

Bollinger Bands

Volatility spiked in the late morning hours, with Bollinger Bands widening significantly after a period of consolidation. The price closed near the lower band at $0.6629, suggesting that the move could be overextended and possibly reaching a near-term low. A rebound above the midline of the bands may indicate a return to equilibrium. However, a sustained move below the lower band could signal a deeper correction ahead.

Volume & Turnover

Volume spiked in the last 6 hours of the session, with the largest single candle contributing 307,560 contracts to the total. This late-day selling suggests increased participation by larger players or algorithmic strategies. The notional turnover of $1.7 million indicates that the decline was not driven by retail sentiment alone. A divergence between volume and price may suggest that the move is not yet exhausted and that further selling pressure could follow.

Fibonacci Retracements

Key Fibonacci levels for the recent 15-minute swing from $0.6887 to $0.6346 include 38.2% at $0.6674 and 61.8% at $0.6550. The 61.8% level appears to offer the best support for a potential bounce. On the daily chart, the Fibonacci retracement from the previous major high is at a similar 61.8% level around $0.6550. Traders should watch for a possible rebound or consolidation around this level before considering further bearish moves.

In the next 24 hours, dYdX may test the $0.6550 Fibonacci level, offering a potential short-term floor. While a bounce is possible, a break below $0.6511 could extend the bearish move. Investors should be mindful of the risk of further downside, especially if volume continues to expand and RSI fails to recover above 40.