Dymension’s native token DYM has been increasing in value as the protocol continues carrying out various development and updates. The price action is also showing that the price could spike further after a breakout from a key level.
We will look at these in more detail and point out the key price level to watch for potential price increases.
Price Breakout and Technical Analysis
DYM has experienced a notable price increase after it bottomed at $0.97 at the beginning of July. This bullish move was marked by an impressive 120% price spike, propelling the token to $2.1.
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Finally, it was able to break out from a descending trendline which had previously been a strong resistance. Currently, the price is in a retracement phase, testing the broken resistance level as potential new support.
If this support level holds, we could see further upside potential for DYM. Based on price action The next key targets to be eyeing are:
$2.5 – Representing a 23% move from current levels
$3.3 – A 30% spike if the $2.5 level is breached
$4.0 – An additional 20% gain from the $3.3 mark
We will need to see key resistances break before price continuation at each key level
Ecosystem Updates Boosting Sentiment
Beyond price action, Dymension is making significant strides in improving its ecosystem, which is contributing to the positive market sentiment.
New version of Dym explorer is available and all the info we may need are in one place:Rollapp's block explorersCa of tokens Validators infoIbc activities Value of tokens on Dymension network Starting, change in night theme , the colours are simple amazing pic.twitter.com/8JkS4wq9vP
— Thanasis (@Thanasi69473216) July 12, 2024
X user @Thanasi69473216 reported the release of a new version of the Dym Explorer. This update consolidates critical information into a single, user-friendly interface, including:
RollApp block explorers
Token contract addresses
Validator information
IBC (Inter-Blockchain Communication) activities
Token valuations on the Dymension network
The improved explorer also features an updated night theme with aesthetically pleasing color schemes, enhancing the overall user experience.
Dymension Integrated Name Service (DymNS)
Perhaps the most exciting development comes from Dymension’s X account (@dymension), which announced the upcoming launch of the Dymension Integrated Name Service (DymNS). This innovative feature aims to revolutionize crypto user experience by simplifying interactions across multiple blockchains and RollApps.
Presenting Dymensionhttps://t.co/1JeeY1UzXWDymension is a blockchain powering the Internet of RollApps pic.twitter.com/14LXGxpT2q
— Dymension (@dymension) November 15, 2023
Key features of DymNS include:
Automatic RollApp domain registration: Each deployed RollApp receives a unique handle (e.g., @RollAppX).
Simplified deposits: Users can transfer tokens to apps using a combination of 0x addresses and handles.
Cross-chain compatibility: Users can purchase personalized names that work across all handles in the Dymension ecosystem.
Streamlined interchain transactions: DymNS abstracts complex bridging processes, allowing for email-like simplicity in crypto transfers.
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The DymNS update is slated to be part of Dymension’s upcoming 3D upgrade, promising to create a more intuitive and user-friendly “Internet of RollApps.”
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The post Here’s Why Dymension’s DYM Crypto Price Is Going Up appeared first on CaptainAltcoin.
