Altcoins
Why This $400 Million Altcoin Deserves to Be on Your Watchlist? Hint: 500% Upside
Amidst the bullish reversal of Bitcoin, altcoins present a trend reversal opportunity for massive bullish moves. Moreover, small-cap altcoins are attracting the attention of savvy investors, and the broader market recovery will give them an additional boost.
Dymension is one such altcoin with a market cap of nearly $400 million, offering a breakout rally for massive gains. So let’s see if the DYM token price will surge by 500% in the coming weeks.
Altcoin to Watch: Dymension Price Action
After an initial surge of over 1,000%, the DYM token price is undergoing a bearish reversal from the $8.20 peak. Forming a falling wedge, the 50D EMA has become a dynamic resistance to the altcoin’s price decline.
However, the recent reversal of the support trendline breaks above the 50D EMA and challenges the upper trendline. Moreover, the altcoin represents a 103% price increase in a fortnight and reclaims the psychological $2 mark.
After last night’s 23% surge, DYM price is trading at $2.05 with an intraday Doji candle 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 rise of the ADX line and the bullish crossover of the VI lines project a bullish movement with strong momentum.
EMA:The break of the 50D EMA repolarizes the trend and strengthens the chances of a wedge breakout for the altcoin.
Will DYM jump 500%?
Following the recent 100% surge, the underlying demand and momentum are increasing at a steady pace. Moreover, the upcoming weeks in the cryptocurrency market anticipate positive moves for Bitcoin and altcoins. Therefore, the DYM token is most likely to break out of the wedge pattern.
According to the trend-based Fibonacci levels, the altcoin’s uptrend may lead to a price rally towards the $5 mark. On the optimistic side, the trend reversal could reach the 1.618 Fibonacci level at $12, which is a 500% increase from the current market price.