Trade Analysis #26: $DYM - A Hidden Gem Ready to Explode?
$DYM caught my attention today with a staggering 52% price increase over just 3 days, fueled by the upcoming launch of its domain name service, DymNS. This innovative service will unify multiple blockchains and RollApps under a single domain name system. Each deployed RollApp will automatically acquire a RollApp domain, also known as a handle on Dymension (e.g., @RollAppX).
Alright, enough on the technology part.
Let's focus on what truly matters: the price.
Key DYM Price Points:
1. DYM has experienced a significant 89% decline from its All-Time High (ATH) of $8.742 on February 14, 2024.
2. The lowest price reached $0.9955 on July 6, 2024, before rebounding by a substantial 116% to a current high of $2.1538.
3. Key resistance levels lie ahead at $2.08, $2.35, $2.60, and $3.30.
4. Important support levels are situated at $1.4, $1.28, and $0.99.
Given the prevailing bullish market sentiment and DYM's position in the hot Modular Blockchain sector, I'm eyeing an entry point after the price forms a higher low above $1.4 and enters a consolidation phase.
My primary profit target is near the strong resistance level at $3.30.
That's it for today $DYM Trade Analysis. I hope this short analysis help you make smarter trade decision.
Trade Smarter! Peace Out ;)
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