Bullish DYDX Rallies: Overbought Conditions May Trigger a Pullback

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DYDX market shows solid bullish momentum with potential for a short-term pullback.
MACD and Aroon-up indicators suggest an excellent time for buyers to enter.
Traders should monitor CMF for a potential shift in purchasing pressure.

The dYdX (DYDX) market has been bullish in the previous 24 hours due to a continuous bull reign looming on its market. The strong momentum in the DYDX market lifted the price from an intra-day low of $2.30 to a 24-hour high of $2.51. At this writing, the bulls’ dominance was still felt in the market, driving DYDX to rise by 6.46% to $2.48.

This price increase is likely due to increased DYDX demand as more investors expect more market gains. The market capitalization climbed by 6.34% to $387,103,072 to support this positive sentiment.

Nevertheless, since the 24-hour trading volume fell by 38.78% to $168,150,255, the gain in market capitalization may need to be revised. This revision may be attributable to a few huge deals rather than broad purchasing activity, which might lead to instability in the near term.