The dYdX (DYDX) price is attempting to break out above the $2.55 resistance area. A doubling of the price could follow if it is successful.
DYDX is the governance token for the eponymous decentralized exchange (DEX) for both margin trading and spot trading. It allows users to contribute to the protocol’s future. Token holders can profit through staking and lower fees when trading, and have the right to propose changes in the protocol.
Despite the FTX bankruptcy and the ensuing crypto crash, the DYDX price increased considerably last week. With all the negativity surrounding other centralized exchanges, coins that are related to DEXs can flourish as traders look for safer places to hold their assets that are not susceptible to a crypto market crash.
So, DYDX has a chance to become a strong narrative soon, though this will depend on if there will be another wave of centralized exchange liquidations. This is already visible…
