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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 18, 2024 12:11 UTC
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Why Is This Altcoin With $400M Worthy To Be On Your Watchlist? Hint: 500% Upside
With a 23% overnight jump, the altcoin teases a breakout rally.Â
Trading at $2, the altcoin surpasses the 50D EMA.
A breakout rally can pump the altcoin price higher to $12
Amid the bullish reversal in Bitcoin, the altcoins are presenting a trend reversal opportunity for massive upside moves. Further, low-cap altcoins are gaining the attention of smart investors, and the broader market recovery will provide them with an additional boost.
Dymension is one such altcoin with an almost $400M market cap offering a breakout rally for massive gains. So, let’s find out if the DYM token price will surge 500% in the coming weeks.
Altcoin To Watch Out: Dymension Price Performance
Following the initial price jump of more than 1000%, the DYM token price takes a bearish reversal from the $8.20 peak. Resulting in a bearish wedge, the 50D EMA became a dynamic resistance for the fall of the altcoin price.
However, the recent reversal from the support trendline surpasses the 50D EMA and challenges the overhead trendline. Further, the altcoin accounts for a price jump of 103% within a fortnight and reclaims the $2 psychological mark.
Following the 23% surge last night, the DYM price trades at $2.05 with an intraday Doji candle formation. This warns of another bear cycle within the falling wedge pattern. However, the broader market recovery could force a breakout rally for Dymension.
Technical Indicator:
DMI: The uptick in the ADX line and the bullish crossover in the VI lines project a high momentum bullish move at play.
EMA: The breakout of the 50D EMA repolarizes the trend and bolsters the wedge breakout chances for the altcoin.
Will DYM Make A 500% Leap?
As per the recent 100% jump, the underlying demand and momentum are increasing at a great rate. Further, the upcoming weeks in the crypto market anticipate positive moves in Bitcoin and altcoins. Hence, the DYM token is most likely to break out of the wedge pattern.
As per the trend-based Fibonacci levels, the uptrend in the altcoin can result in a price jump to the $5 mark. Optimistically, the trend reversal could hit the 1.618 Fibonacci level at $12, a 500% increase from the current market price.
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