DYDX's 8-hour chart tells a pretty straightforward story right now. The token's been stuck in bearish mode, can't seem to break above that cloud formation or the 200-period moving average. Every time it tries to climb, it hits the same ceiling and gets pushed back down.

That recent slide to $0.21? Fits perfectly into the pattern we've been seeing — each peak lower than the last, each bottom dropping further. Classic downtrend mechanics. Until price action changes and we see a real breakout above those resistance layers, the path of least resistance points south.