Dymension Price Analysis: DYM Surges 11% After Dymension Name Service Debut
Dymension price analysis is bullish as the asset surged 11% in the last 24 hours to trade at $2.02 during European business hours on Thursday. The increase follows the announcement that Dymension Name Service (DymNS) will be launching soon on the modular network.
Dymension Price Analysis: DYM Can Explode 18% in Potential Breakout
DYM price took a great hit following the previous general market downturn, but has had one of the best recoveries. After hitting an all-time low price of $0.96, DYM began its upward trajectory in a V-shape recovery. Following a short pause, the asset formed a cup-and-handle bullish continuation pattern and skyrocketed to $2.19.
The price of DYM is currently retracing as market participants book profit. The 24-hour trading volume is up 86% to $114 million, showing an increase in investor interest. DYM is currently above the 50-day and 200-day simple moving averages (SMA), a confirmation of the uptrend continuation.
The DYM moving average convergence/divergence (MACD) turned bullish on July 28, right before the asset began surging in price, and is approaching the zero level. A break above this level may signal continuation of the DYM rally. The Chaikin Money Flow (CMF) just broke above the zero line, an indicator that DYM buying pressure is increasing.
The daily time frame chart for Dymension price shows a falling trendline that has been acting as resistance for the asset. Price tested this barrier on July 17 before displaying some signs of rejection. DYM price may correct to $1.8, which coincides with the 0.5 Fibonnaci retracement level, before bouncing off to the 0.27 Fib extension level around $2.4.
On the flip side, if bears prevail, DYM may find lower support around $1.5, $1.4 and $1.3.
DymNS Debut Hype May Facilitate DYM Price Breakout
The Dymension team announced the launch of Dymension Name Service (DymNS), which creates a new user interface for seamless crypto interactions.
Dymension’s Integrated Name Service is coming soon to revolutionize Crypto UX.
Learn more
pic.twitter.com/PjRerXtvl0
— Dymension (@dymension) July 15, 2024
The service will bring human-readable usernames to Dymension network, similar to what Ethereum Name Service (ENS) did to its network.
However, DymNS brings a twist to the decentralized DNS ecosystem. It integrates multiple blockchains and RollApps under one name. Hence, users can deposit to apps by simply transferring tokens to their 0x address, followed by the relevant handle
Bottom Line
Dymension price analysis shows that the asset experienced a significant 11% surge following the announcement of the coming Dymension Name Service. The introduction of the naming service suggests Dymension is enhancing its user-friendly features, potentially driving further adoption and price appreciation. DYM price is expected to hit $2.4 as it journeys back to its previous all-time high.
The post Dymension Price Analysis: DYM Surges 11% After Dymension Name Service Debut appeared first on CoinGape.
