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February 22, 2024
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Dymension (DYM) Price Ready to Go Up By 20%! Will it Reach $10?

The post Dymension (DYM) Price Ready to Go Up By 20%! Will it Reach $10? appeared first on Coinpedia Fintech News

In less than a week, Dymension has gained remarkable attention from market participants, which has kept up the momentum. In the previous rise, the DYM price failed to soar above $8, which has now become one of the pivotal resistances to secure. From a technical point of view, the price is close to triggering a healthy upswing if the bears remain passive for a while.

The current trade setup displays that bulls are currently in action, with the possibility of marking fresh highs in the coming days. The price is trading within a bullish ascending triangle and before reaching the apex, minor pullback coils hinder the progress of the rally. This may certainly not be the start of a bearish pullback, but an opportunity to accumulate more before the next bullish action.

Why do we need to be bullish on the DYM price? Will it reach a double-digit figure this month?

Regardless of the prevailing bearish pressure, the DYM price continues to trade within an ascending trend. In the short term, the RSI was hovering around average levels, trying hard to initiate a bullish divergence. Besides, the DMI, which is used to determine the trend’s strength, is not letting out any assertive bullish signals. The ADX is plunging but may trigger a bullish rebound while the +Di & -Di have collided to a point and may display a fine price action soon.

Currently, bears are working hard to push prices below the rising trendline. However, if the RSI triggers a rebound, the bears may find room to climb before becoming trapped below the support. The Dymension (DYM) price has reached the Potential Reversal Zone (PRZ), around $7.5 and has been trading along the levels for a while. Once the price rises above $7.8 and secures levels beyond $8, a fine rises towards a double-digit target before the end of the month.

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