- The DYM crypto price has reflected 14.01% returns during the weekly trading session.
- The current price is performing 61.78% below the all-time high mark of $8.66.
- A rise of over 130% has been observed in the trading volume in the last 24 hours.
Dymension (DYM) is a modular blockchain specialized solely for the settlement of Layer-2 rollups called RollApps. It is a settlement layer for RollApps in which the validation of transaction blocks takes place. For the past few months, the DYM token price has been facing some bearish remarks from investors. However, the bulls have entered the zone in the current session. Let’s find out where the price is heading.
Will Buyers Show the Required Strength for Reversal?
The DYM crypto price experienced a massive rise in February 2024 and faced initial profit bookings from the $8.66 all-time high mark. However, March also followed the same norm but reflected a meager return of 4.65%. It made buyers a bit cautious about the price, resulting in a shift toward bearish sentiments.
The April and May 2024 collectively reflected over 50% negative profitability as a consequence. Conversely, the price is getting some bullish strength in the month. That can become a positive sign of a bullish reversal for investors. While comparing to the last seven days data, DYM is outperforming the Cosmos Ecosystem.
Price to Volume and Social Dominance Analysis
The social influence has a very minimal effect on DYM crypto. The price and trading volume have been in correlation with each other. In the current sessions, the price is rising, reflecting the interest of market participants. The social dominance covers 0.18% at the press time.
Technical Analysis of the Dymension (DYM/USD)
The short-term overview implies below the key exponential moving averages on the bearish side. Currently, the price is moving below the 50-day EMA, indicating a downtrend.
The DYM crypto price has been following a trendline forming above from the all-time high level of $8.66. Recently, the price reflected a bullish rally from the $2.50 demand zone. It surged over 30% and is moving toward the major trendline. Technical market speculations suggest a bearish view for the current price unless the price breaks above the $4.20 level.
Furthermore, the relative strength index (RSI) is showing strong bullish momentum in the current phase. It reflects the bullish domination in the current trading session. The RSI is moving at 57.66 above the SMA line.
Summary
The Dymension crypto price has been falling since mid-March 2024. It is following a long-lasting trendline where the bears are maintaining proper resistance. In current sessions, the technical indicators summary suggested a bullish signal for the DYM price. As per the technical speculations, the price reflects a bearish view unless it closes above the $4.20 level.
Technical Levels
When writing, the key resistance for DYM was $4.20, and the $2.50 level was the next support. If the price closes above the upper resistance, a sharp rise in price can be expected. Or a drop below the aforementioned support can lead to a price pullback to lower levels.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
