“$DYDX breaking out of 18-month accumulation, retesting breakout. Massive token unlock, expect a run towards double digits.”
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$DYDX breaking out of a 18 month accumulation & range now retesting the breakout
Just had a massive token unlock so priced retraced a bit —> think it gets bought back up over next few days and this starts a run towards double digits
Started accumulating a bag here pic.twitter.com/j6VecN4Ijb
— Johnny (@CryptoGodJohn) December 1, 2023
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$DYDX, a cryptocurrency token, has broken out of an 18-month accumulation and range, and is now retesting the breakout. This development has caught the attention of cryptocurrency enthusiasts and investors alike, with many predicting a potential run towards double digits in the coming days.
The breakout was announced by Johnny, a well-known figure in the crypto community who goes by the handle CryptoGodJohn. He took to Twitter to share his observations, stating that $DYDX had just experienced a massive token unlock, causing the price to retrace slightly. However, he believes that the retracement will be short-lived, and the token will be bought back up over the next few days.
Accompanying his tweet was a chart showing the price movement of $DYDX, marked with the breakout point and the subsequent retest. The chart also indicated that Johnny had started accumulating a bag of $DYDX tokens, suggesting his confidence in the token’s future performance.
The news of $DYDX’s breakout has generated significant buzz within the cryptocurrency community. Traders and investors are closely monitoring the token’s price movements, eager to capitalize on the potential gains that may arise from this breakout.
$DYDX is the native token of the decentralized derivatives exchange, dYdX. The platform allows users to trade a variety of financial products, including perpetual contracts and options, with the added benefit of operating on a decentralized network. This decentralized nature ensures transparency, security, and eliminates the need for intermediaries.
The breakout of $DYDX from its long-standing accumulation and range is seen as a positive sign for the token’s future. It indicates a potential shift in market sentiment and suggests that investors are increasingly bullish on the token’s prospects.
While the recent retracement in price may have caused some concerns among investors, many remain optimistic. They believe that the token’s fundamentals, coupled with the positive sentiment surrounding decentralized finance and the broader cryptocurrency market, will drive $DYDX towards higher price levels.
As always, it is important to exercise caution when investing in cryptocurrencies. The market is known for its volatility, and prices can fluctuate rapidly. Conducting thorough research and consulting with financial professionals is crucial before making any investment decisions.
In conclusion, the breakout of $DYDX from its 18-month accumulation and range has sparked excitement within the crypto community. With many predicting a potential run towards double digits, investors are closely watching the token’s price movements. However, it is essential to approach cryptocurrency investments with caution and conduct thorough research before making any decisions..
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@CryptoGodJohn said $DYDX breaking out of a 18 month accumulation & range now retesting the breakout Just had a massive token unlock so priced retraced a bit —> think it gets bought back up over next few days and this starts a run towards double digits Started accumulating a bag here
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