DYDX Token Unlock Looms as Price Outlook Brightens


According to Token Unlocks, DYDX, Optimism, 1inch, and Hedera are set to add to their token supply this week. On August 29, the dYdX Foundation will unlock 6.52 million DYDX worth about $14.41 at the time of writing. The governance token has a total supply of 1 billion tokens, of which current circulating supply is 173 million DYDX. The entirety of the 1 billion DYDX is to be released over five years, with the initial distribution occurring on August 3, 2021. Locked coins are for past investors of dYdX Trading, founders, advisors, employees, and consultants of dYdX Foundation.

The dYdX (DYDX) token traded around $2.16 on Monday, down 1.6% in the past 24 hours and 12% higher this past week. The price of the native dYdX exchange token has ranged between $1.18 and $2.23. The MACD and daily RSI suggest bulls remain in control short term. However, the price might need to strengthen above the horizontal line that marks the range’s base for upside momentum to extend DYDX to next targets at $2.70 and $3.20. If sell-off pressure mounts amid risk markets slowdown, we could see prices in the region of $1.54-$1.36.

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