One of the data that investors closely follow in the cryptocurrency market is token unlock events. According to Token Unlocks platform, a total of $55.56 million worth of tokens will be unlocked in the next seven days. Tomorrow, the unlock event of DYDX, a DeFi platform operating in the Ethereum ecosystem, is an event that should be closely monitored.
Last Hours for DYDX
According to the data on Token Unlocks platform, token unlocks worth $55.56 million will take place in the cryptocurrency market next week, and the largest of these events will occur in the DYDX ecosystem, which has a value of $5.24 million.
The amount of tokens in question in the event, which will take place tomorrow (October 31) at 18:00, corresponds to 1.21% of the total supply of DYDX tokens. While investors eagerly await the event, DYDX token was trading at $2.43 at the time of writing. The DYDX token unlock event stands out as the most valuable token unlock event in the coming days.
DYDX Chart Analysis
The first notable formation on the DYDX daily chart is a descending wedge pattern. With the recent rise, the formation worked in an upward direction. The breaking of the daily EMA 200 level (red level), which has been acting as resistance recently, and then its role as support is a positive development in the DYDX chart. However, if the price continues to be rejected at the same resistance levels in the coming days, it will weaken the DYDX price.
The notable support levels on the daily chart for DYDX are $2.341, $2.266, and $2.149, respectively. In particular, the $2.341 level, which has been tested twice in recent bar formations, stands out as the most important support level in the short term. However, the breaking of these three supports will not trigger any downward scenario for DYDX in the short term.
The notable resistance levels for DYDX on the daily chart are $2.481, $2.557, and $2.636, respectively. In particular, a breakout above the $2.557 level, which has been tested twice in recent upward movements, will accelerate the upward momentum for DYDX.
