Dymension Price Prediction: Is DYM’s Consolidation Just the Build up to a Strong Move in the Short Term?

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The Dymension price dropped more than 2% over the past 24 hours to trade at $7.43 at press time.

The Dymension Price Remains in Consolidation

1-hour chart for DYM/USDT (Source: TradingView)

The Dymension price has been in a consolidation phase between $7.2465 and $7.9770 over the past few hours. This may be an accumulation phase before a strong move to the upside. Should this bullish thesis play out, DYM may attempt to flip the resistance level at $7.9770 into support, which may give the crypto the foundation needed to rise higher in the following 48 hours.

A break below the $7.2465 support level could invalidate this bullish thesis. In this alternative scenario, the Dymension price may fall to the subsequent support level at $6.3750 in the following 48 hours.

Technicals Sending Mixed Signals

Technical indicators on DYM’s 1-hour chart are currently contradicting each other. On one hand, the Moving Average Convergence Divergence (MACD) indicator signals that the Dymension price has entered a negative cycle and may continue to drop in the next 24 hours. Meanwhile, the Relative Strength Index (RSI) indicator shows that buyers are growing stronger against sellers. This may subsequently lead to DYM’s price rising in the next 24 hours.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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