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The Dymension price fell more than 8% in the last 24 hours to trade at $6.91 as of 4:45 a.m. EST on trading volume that plunged 23% to $113 million.
The dip came after the DYM price surged 73% in the past week. The project reached its peak last Thursday when its price climbed to $8.2019, which is its current ATH.
Following that, the price dipped to a support at $7, which finally broke on Monday morning. Some have speculated that the token will make a comeback but, for the time being, the bears are working hard to push the price below the rising trendline.
Dymension Price Prognosis
Right now, DYM price is balancing around $7, but it seems unable to move beyond this price for the moment. This suggests that the token’s support, which held over the past several days, has finally broken, and has since become a resistance that DYM will have to conquer once again in order to move forward.
While some in the community predict that the token could yet see a surge that would take it up to $10, technical indicators show that the matter is more complex.
For example, Bollinger bands have seen strong tightening since the surge, which has been the case over the weekend, and it continued with the start of the new week.
The price is balanced in the middle between the top and bottom band, suggesting certain neutrality.
The token’s Relative Strength Index (RSI) level has also dipped into the oversold territory, although it has managed to shoot up since then, reaching the value of 43.77 as of the time of writing.
Still, while it is moving back into the neutral territory, the bulls will have to keep amounting buy pressure in order to push it further up, and with it, the token’s price.
Dymension Price: Bearish Pressure Weakening?
For the moment, daily volume is still in the red compared to yesterday, which can be taken as a good thing, as it could mean that the bearish pressure is weakening.
For the time being, the token’s price seems to be willing to return to the levels above the $7 mark, but if it ends up being unable to climb beyond this level, it will stay right under this resistance.
But, if the bulls do manage to push it further up, it could bring enough optimism to the market to send the price up to the next resistance at $7.25, and possibly $7.50.
Promising Alternative To Dymension
One of the most promising alternatives to Dymension, which could potentially bring even greater profits to early investors, is a project called eTukTuk (TUK).
This is a project that aims to create and distribute green TukTuks — small vehicles that are already very popular in Thailand and have the potential to gain traction in other developing regions.
By making them electric, the project intends to start a sustainable transportation revolution and to do it, it is using a green TUK token presale. Its platform explains that eTuktuk is the AI-integrated, eco-friendly future of transportation which allows users to invest and earn right away.
Given the strong demand for this new type of innovative crypto project, analyst and YouTuber Jacob Bury says it has the potential to 10x on launch.
It all starts with buying its native cryptocurrency, the TUK token, which is currently selling for $0.0265 per unit.
Users can purchase the token in exchange for BNB or USDT, but it can also be bought directly with your credit or debit card. So far, the presale has raised $941k as it surges towards its $1 million target.
"Breakout crypto eTukTuk is working on improving urban transportation in developing nations with electric vehicles and blockchain technology." – @cryptonews
Read more here: https://t.co/7hr62WePzm
— eTukTuk (@eTukTukio) February 8, 2024
The project is scheduled to see a price increase in around 10 days, meaning that if you buy it right now, it will still see price growth even before it goes live.
You can learn more about the project and buy TUK here.
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