The price of the dYdX native token has fallen sharply in recent days, reflecting the general trend on the crypto market. The dYdX price fell to a low of US$2.24, returning to its level on 28 July. From its peak in July, the coin has fallen by almost 20 %.

dYdX lowers fees

Decentralised finance (DeFi) is one of the largest use cases of the blockchain industry. It usually includes decentralised crypto exchanges (DEX), swap services and savings platforms.

dYdX is one of the most popular DEX exchanges. It is a major platform that helps people from all over the world to buy and sell cryptocurrencies in a decentralised manner. Some of the most popular tokens traded in this ecosystem are BTC, Dogecoin and Ethereum.

DEX exchanges differ in many ways from centralised exchanges like Coinbase or Binance. For example, no identity verification is required here, you can simply sign up by linking your crypto wallet to the platform.

Furthermore, dYdX is an open source platform. This means that anyone can see the underlying code. Centralised exchanges have internal codes that are not shared with the public. Finally, dYdX has a governance token that allows users to vote on important changes to the network.

In this article, we explain how to buy dYdX tokens.

Like other exchanges, dYdX has seen a sharp decline in overall volume in its ecosystem in recent months as the number of crypto investors decreases.

On Monday, the platform announced that it will lower trading fees to attract more investors. Most traders in the ecosystem will now be able to benefit from fee-free trading. There will only be a fee if the amount traded exceeds US$100,000 per month.

Another potential catalyst for the dYdX share price is the upcoming launch of the standalone V4 chain. The new version, developed with the help of Cosmos Hub, aims to provide users with more tools to maximise their returns.

dYdX Share Price Forecast

On the chart you can see that the dYdX price rose to a high of US$2.72 in July. It was a remarkable price as it was at the top of the ascending channel shown in blue. Now the token’s price has fallen again, mainly due to its correlation with other cryptocurrencies. In the process, the price has also fallen below the lines of the moving averages of the last 25 and 50 days.

The price is likely to fall further as sellers target the lower side of the ascending channel at US$2. A move above resistance at US$2.50 would refute this view.