dYdX (DYDX) has seen a significant spike in negative sentiment according to social data from Blockchain forensics platform Santiment. Since the spike in negativity happened on March 28, DYDX has seen a price increase of close to 7%.
Traders Turn Pessimistic
DYDX is trading higher by nearly 15% from the trading lows of the week so far. When large one-way sentiment bias toward cryptocurrencies occurs, it can often be taken as a contrarian signal.
Historically, some of the large price increases for DYDX have occurred when large negative sentiment spikes have been recorded.
Another critical metric that has recently come to life, which could cause more price gains for DYDX is the 90-day Dormant Coin Circulation metric.
On March 23, a 90-day Dormant Coin Circulation of 6.9 million, worth $17.25 million, moved on the dYdX network. This was the largest spike in this metric for dYdX since February 22. Also the second-largest spike of this year so far, according to data from Santiment.
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Author: Ryan James
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