Dymension price fell more than 8% in the last 24 hours to trade at $6.91 at 4:45 a.m. EST on trading volume that fell 23% to $113 million.
The drop came after DYM price surged 73% last week. The project peaked last Thursday when its price rose to $8.2019, which is its current ATH.
After that, the price fell to a support at $7, which was finally broken on Monday morning. Some have speculated that the token will make a comeback but, for the moment, the bears are working hard to push the price below the ascending trend line.
Dymension Price Forecast
Right now, DYM price is around $7, but it seems unable to break above this price for the moment. This suggests that the token’s support, which held for the past few days, finally broke and has since become a resistance that DYM will have to conquer once again in order to move forward.
While some in the community predict that the token could still see a surge that would take it as high as $10, technical indicators show that the matter is more complex.
For example, Bollinger Bands have seen a sharp tightening since the rise, as has been the case over the weekend, and continued with the start of the new week.
The price is balanced in the middle between the upper and lower band, suggesting some neutrality.
The token’s Relative Strength Index (RSI) level has also fallen into oversold territory, although it has managed to skyrocket since then, reaching the value of 43.77 at the time of writing.
Still, as it returns to neutral territory, the bulls will have to continue increasing the buying pressure to push it further and, with it, the price of the token.
Dymension Price: Bearish Pressure Weakening?
At the moment, the daily volume is still in the red compared to yesterday, which can be considered a good thing as it could mean that the bearish pressure is weakening.
At the moment, the price of the token seems ready to return to levels above $7, but if it fails to break above this level, it will remain just below this resistance.
But, if the bulls manage to push it further, it could bring enough optimism to the market to send the price all the way to the next resistance of $7.25 and possibly $7.50.
Promising alternative to Dymension
One of the most promising alternatives to Dymension, which could generate even bigger profits for early investors, is a project called eTukTuk (TUK).
This is a project that aims to create and distribute eco-friendly TukTuks: small vehicles that are already very popular in Thailand and have the potential to gain ground in other developing regions.
By making them electric, the project aims to start a revolution in sustainable transportation and, to do so, uses a pre-sale of green TUK tokens. Its platform explains that eTuktuk is the future of ecological transportation and integrated with artificial intelligence that allows users to invest and earn money immediately.
Given the strong demand for this innovative new type of crypto project, analyst and YouTuber Jacob Bury says it has the potential to grow 10x upon launch.
It all starts with the purchase of its native cryptocurrency, the TUK token, which is currently selling for $0.0265 per unit.
Users can purchase the token in exchange for BNB or USDT, but it can also be purchased directly with their credit or debit card. Until now, the presale has raised $941,000 as it moves toward its $1 million goal.
“Breakout crypto eTukTuk is working to improve urban transportation in developing countries with electric vehicles and blockchain technology.” – @criptonoticias
Read more here: https://t.co/7hr62WePzm
— eTukTuk (@eTukTukio) February 8, 2024
The project is scheduled to see a price increase in about 10 days, which means that if you buy it now, you will still see a price increase before it even goes live.
You can learn more about the project and buy TUK here.
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