Online trading platform reviews. dYdx price prediction: token is at risk of a 21% drop

The dYdX (DYDX/USD) crypto price moved sideways as the developers move close to full decentralization. The token was trading at $2.40, which was slightly above this week’s low of $2.14. It remains about 35% below the highest level this year.

dYdX moves to decentralization

dYdX is a leading cryptocurrency exchange that makes it possible for people to buy and sell digital currencies in a decentralized manner. It offers both generic coins and perpetual futures contracts. According to CoinMarketCap, the total volume in its platform was over $888 million, higher than Uniswap V3’s volume of $832 million.

dYdX’s token has underperformed in the past few months partly because of its tokenomics, which favors insiders. In February, the developers had to postpone its large token unlocks, which would have released millions of tokens.

dYdX’s developers are now working towards fully decentralization in its upcoming V4 upgrade. That upgrade will remove centralized entities that maintain the operations. It will also use a decentralized autonomous organization (DAO) to control most of its operations. 

Even after the V4 launch, dYdX employees will still continue contributing to the ecosystem and they will be paid through trading fees and previous funding. According to Bloomberg, the new version of the app will come online in September. 

The vision of dYdX V4 was announced in 2022 and will be launched on the Cosmos ecosystem. Cosmos is a leading blockchain that provides interconnected apps. Its SDK solution has been used to build popular blockchains like Thorchain, Band Protocol, and Celer Network.

dYdX crypto price forecast

dYdX chart by TradingView

The 4H chart shows that the dYdX token has been in a tight range in the past few days. It has formed a descending trendline that tested the highest points since February 2 of this year. The token is oscillating at the 25-period and 50-period moving averages. It is also at a key level since it was the lowest level on February 13 and February 21. 

Therefore, the token will likely have a bearish breakout as sellers target the key support at $1.88, which is along the ascending trendline that connects the lowest level on March 11 and January 25. This price is ~21% below the current level of $2.33.

Here are reviews of some popular online trading platforms:

• Robinhood: Robinhood is a well-known commission-free trading platform popular among beginner investors. It offers a user-friendly mobile app and web platform, making it easy to buy and sell stocks, ETFs, options, and cryptocurrencies. However, Robinhood has faced criticism for limited customer support and occasional outages during high market volatility.

• TD Ameritrade: TD Ameritrade is a widely used platform known for its powerful and feature-rich thinkorswim platform. It offers a wide range of investment products, including stocks, options, ETFs, mutual funds, and futures. TD Ameritrade provides educational resources and has strong customer support. In 2020, TD Ameritrade was acquired by Charles Schwab, and the two platforms are in the process of merging.

• ETRADE: ETRADE is a well-established platform offering a variety of investment products. It provides a user-friendly interface and a range of research and educational tools. ETRADE offers commission-free trading for stocks, ETFs, and options. In 2020, ETRADE was also acquired by Morgan Stanley, and integration with Morgan Stanley's services is underway.

• Fidelity: Fidelity is a reputable brokerage platform with a long-standing history. It offers a wide range of investment options, including stocks, options, ETFs, mutual funds, and fixed income products. Fidelity provides extensive research and educational resources, along with excellent customer service. They have also introduced commission-free trading for stocks, ETFs, and options.

• Interactive Brokers: Interactive Brokers is a popular platform among active traders and professionals. It offers a comprehensive suite of tools and advanced trading features. Interactive Brokers provides access to a wide range of investment products and global markets, along with competitive pricing. It's known for its robust trading platform and in-depth research tools.