Altcoin Bought by Turks Is Pouring Out on the Stock Exchange! ‘May be on sale’

Lookonchain, which tracks bitcoin and altcoin movements, highlighted the massive DYDX transfer to Bybit this morning. The address responsible for the transfer made a habit of selling the bulk of DYDX shortly after receiving some tokens. At the time of writing, DYDX is slightly lower and is trading at $2.14. Here are the details…

Popular altcoin heads to exchanges

An important transfer has emerged for an altcoin that Turks also bought. Blockchain tracking firm Lookonchain tweeted this morning that a whale has recently sold a large portion of its dYdX (DYDX) holdings. The post states that the whale has reclaimed 570,266 tokens. Shortly after, it is emphasized that he invested 225,833 DYDX in Bybit, a crypto exchange platform.

In parallel with the price of DYDX at the time of the transfers, it is stated that the whale received approximately $ 1.26 million. Then, again calculated at the price at that time, it turns out that the exchange sent $501,000 to its platform. In addition, Lookonchain noted that this whale has a habit of depositing DYDX on exchanges to sell some tokens shortly after claiming them.

Currently, CoinMarketCap shows that the altcoin has suffered a loss in the previous 24 hours. As a result, DYDX is trading at $2.14. This also resulted in a weakening of 0.48 percent and 1.05 percent, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). At the time of writing, it has suffered a price loss of 2.64 percent. It fell from its daily high of $2.24 to $2.14.

What’s next for DYDX?

DYDX, the 99th largest crypto project by market cap, has a market cap of $352,305,550. So, it is behind Enjin Coin (ENJ). It was ahead of 1inch Network (1INCH) with an estimated market cap of $338,390,031. The crypto’s recent negative price action failed to turn its weekly performance in the red. Currently, the coin’s seven-day performance marks a 2% increase.

According to experts, after the altcoin price has seen higher lows over the past few days, an ascending triangle has formed on the 4-hour chart of DYDX. The close of the current 4-hour candle will determine whether the price of DYDX will break out of the bullish pattern before it is confirmed. The next candle close below $2,164 will cause the price of DYDX to drop to $2,052.

So, how will this bearish thesis be confirmed in the next 24 hours? According to experts, this confirmation will occur when the 9 EMA lines on the 4-hour chart cross below the 20 EMA lines. On the other hand, it will be noteworthy that the next 4-hour candle closes above the $2.16 mark. According to experts, this will cause the price of DYDX to try to surpass the $2.23 resistance level in the next 48 hours. However, it is worth noting that these are just an analyst’s opinion, as we always report as Kriptokoin.com.