DYDX/USDT is again in bearish territory trading.
The one-day chart below, courtesy of Tradingview.com, shows that the digital asset is now trading below the 50-day (white) moving average. Its one-day MFI (green), MACD and RSI (red) further confirm the weakness as they point to a bearish few days for DYDX.
DYDX’s downward trajectory could see the digital asset dropping to as low as $2.134 or the 200-day (green) moving average located around the $1.94 price area.
dYdX Announced its Exit from Canada
In addition to the ongoing pullback of DYDX/USDT, the team at the decentralized crypto exchange announced that they were winding down operations in Canada effective April 14th.
The team said:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.dYdX is winding down user access from Canada. We realize that this restriction may be disruptive to certain users and regret any inconvenience. On April 7th at 17:00 UTC, dYdX will no longer allow new users located in Canada to onboard to the exchange.
As part of the wind down process, we want to provide existing Canadian users ample time to manage and close their positions on dYdX.
Therefore, existing users will be able to continue to execute trades on our platform for one week. On April 14th at 17:00 UTC, dYdX will move all existing users in Canada to close-only mode, and users will maintain the ability to withdraw funds from the protocol at any time.