Dymension price rose 25% in the last 24 hours to trade at $7.02 starting at 8:55 am EST.
This comes two days after Dymension’s mainnet launch and an airdrop that distributed over $390 million in DYM tokens to early adopters and select groups.
Dymension was conceptualized two years ago as a monumental vision of adding another dimension to Interchain and building a modular Internet of rollups.
— Dymension (@dymension) February 6, 2024
Dymension Price Prediction
A 30-minute DYM/USDT technical analysis suggests an uptrend. The pair is trading above the Supertrend indicator, which is displayed in green, indicating a possible uptrend as the price is above the 6.525 support level.
The Relative Strength Index (RSI) is hovering around 69.46, below the overbought threshold of 70, indicating that while the market is strong, there is still room for an upward move before the asset becomes overbought again. .
The average directional index (ADX) is at 47.62, indicating a strong trend. An ADX value above 25 usually suggests a strong trend, and the current value shows that the upward trend in Dymension price is quite strong.
Dymension Price Prediction: Could DYM Correct It?
On the other hand, as the RSI approaches overbought conditions, the chances of a correction also increase. This is supported by the Stochastic Oscillator (Stoch), which is at 76.79, close to overbought territory, which could also indicate that the market could be overextended in the short term.
Altcoin Sherpa, with over 202,000 followers on which includes a significant airdrop dynamic, therefore. suggesting caution.
In line with this, Sherpa expects a rounded bottom pattern, indicating a stabilization before entering an uptrend.
$SMOKE: I don’t know why you would buy this one long term. This one is a little different than some of the other recent releases given the larger airdrop dynamic. If this is going to rip off the pump, wait for some kind of rounded bottom first and then buy on the way up. Not… pic.twitter.com/NvPmKo1Nta
—Altcoin Sherpa (@AltcoinSherpa) February 7, 2024
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