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The Dymension price has pumped by 55% over the last seven days to trade at $7.6 as of 1:30 a.m. EST as it emerges as the top weekly gainer among the top 100 cryptos by market cap.
Can it keep pumping? Not according to Crypto Patel, who told his his 23K X followers that the Dymension price could soon correct as it breaks below its support level after falling 2.1% in the past 24 hours.
$DYM Support Broken
Now Bearish Mode is Activated as per the chart.Resistance: $7.45#Dymension https://t.co/JCRjacNDCn pic.twitter.com/mguixcwo32
— Crypto Patel (@CryptoPatel) February 9, 2024
Dymension Price Prediction: Will DYM Correct?
Looking at a 30-minute DYM/USD chart, there is no clear indication of a looming correction as we see that the most recent candles show a mix of green (bullish) and red (bearish) candles, with wicks on both sides, indicating some indecision in the market. There is no clear trend in the immediate past as the price is oscillating within a range.
Additionally, the Woodies Commodity Channel Index (CCI) is fluctuating around the zero line, showing no strong trend. The CCI indicates overbought conditions above +100 and oversold conditions below -100. The CCI in this image is not indicating either, suggesting the market is not currently overextended in either direction.
30-minute DYM/USDT chart | Source: TradingView
Dymension Price Prediction: Will DYM Keep Pumping?
On the other hand, the Supertrend is green and below the price, suggesting a bullish signal. The Coppock Curve is also above zero, usually considered a buy signal. This indicator is used to identify long-term buying opportunities when it cross from negative to positive.
In line with this, Altcoin Sherpa, an analyst boasting over 206K followers on X (formerly Twitter), now believes the Dymension price could go higher from its recent pump.
$DYM go higher plz
a bit more ranging here is ok though. still pretty bullish on this but going to keep a close eye out https://t.co/yAePf157Oi pic.twitter.com/f4uqpp7iKd
— Altcoin Sherpa (@AltcoinSherpa) February 9, 2024
A Better Alternative?
Meanwhile, new meme currency Sponge V2 is gaining popularity among investors who believe it can replicate the 100x gains recorded by its predecessor, $SPONGE, last year. SpongeV2 is now ranked by analysts among the top meme coins to invest for exponential gains, and some say it’s a potential Pepe coin killer.
After reaching a market valuation of $100 million and having more than 13k holders, Sponge V1 attracted industry giants such as Tron founder Justin Sun, who bought $SPONGE that’s now worth about $90k.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
The official retirement of Sponge V1 took place on February 5th, and all holders of $SPONGE were moved to Sponge V2, which operates on the more secure Polygon network.
Stake-To-Earn
Investors can stake tokens for an incredible annual yield of 1,916% using Sponge V2. Sponge V2 is also introducing new features, the most notable of which is the play-to-earn (P2E) gameplay option.
Jacob Bury, an analyst with a YouTube subscriber base of over 27,000 followers, thinks the meme currency can potentially return another 100x spike in value.
To connect your digital wallet and exchange your ETH or Tether for V2 tokens, please visit the Sponge V2 website here.
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