Altcoins
Why This $400M Altcoin Deserves to Be on Your Watchlist? Hint: 500% Upside
In the midst of the bullish reversal in BitcoinAltcoins are presenting a reversal opportunity for massive upside moves. Additionally, small-cap altcoins are gaining the attention of smart investors and the broader market recovery will provide them with a further boost.
Dymension is one such altcoin with a market cap of almost $400M that offers a breakout rally for huge gains. So, let’s find out if the DYM token price will surge by 500% in the coming weeks.
Altcoins to Watch: Dydimension Price Performance
After the initial price jump of over 1000%, the price of DYM token undergoes a bearish reversal from the peak of $8.20. Resulting in a bearish wedge, the 50-day EMA has become a dynamic resistance for the altcoin price to fall.
However, the recent reversal from the support trendline breaks above the 50-day EMA and challenges the trendline above. Furthermore, the altcoin sees a 103% price jump in a fortnight and reclaims the psychological level of $2.
After last night’s 23% surge, DYM price is trading at $2.05 with an intraday Doji candlestick formation. This warns of another bearish cycle within the falling wedge pattern. However, the broader market recovery could force a breakout rally for Dymension.
Technical indicator:
DMI: The rising ADX line and the bullish crossover of the VI lines predict a bullish move with strong momentum in place.
EMA:The break of the 50-day EMA repolarizes the trend and strengthens the chances of a wedge breakout for the altcoin.
Will DYM jump 500%?
As per the recent 100% jump, the underlying demand and momentum are increasing at a high pace. Also, the upcoming weeks in the cryptocurrency market predict positive movements in Bitcoin and altcoins. Hence, it is highly likely that DYM token will break out of the wedge pattern.
According to trend-based Fibonacci levels, the altcoin’s bullish trend can see a price jump to the $5 mark. Optimistically, the trend reversal could reach the 1,618 Fibonacci level at $12, a 500% increase from the current market price.
Read also: Should Buy Solana Based Altcoins as SOL Approaches $200