The cryptocurrency market has become a rapidly growing and developing field in recent years. There are various options and opportunities for those who want to invest in this market. What is important for investors is to identify the points where they can make potential profits by identifying the right projects and assets. In this context, many investors and analysts are treading cautiously when evaluating the potential of newly launched crypto assets.
Recently, Dymension, a notable project in the crypto market, has managed to attract the attention of analysts and investors. The Dymension project reached a major milestone by launching its mainnet earlier this week. This move shows that the project has matured technologically and functionally. As expected, following this move, the altcoin price rose by a remarkable 96% to $7.75.
This Altcoin Blew After Its Launch: It Attracted Attention With Its 96% Rally!
However, an analyst who goes by the pseudonym Altcoin Sherpa highlighted that the native token of the modular blockchain Dymension (DYM) has significant upside potential.
Dymension’s potential lies in the technological structure underlying the project. Modular blockchain structures consist of separate layers that perform specific functions, making these structures more scalable and flexible. Therefore, Dymension’s modular structure can be seen as a positive sign for its future growth potential.
Altcoin Sherpa to the analysis According to DYM’s studies on the price chart, it emphasizes the importance of certain levels. In particular, it is stated that the previous resistance level of $ 6.32 may be a potential support point. This can provide a certain entry point for investors and play an important role in the price transition to an uptrend.
As a result, he expects Altcoin Sherpa Dymension (DYM) to “move much higher.”
Next is Bitcoin (BTC). According to Altcoin Sherpa, caution should be exercised even if Bitcoin is in an uptrend based on price action in lower time frames. From the widely followed analyst’s four-hour chart, it appears that Bitcoin is trading in a resistance zone that it was unable to break above at the beginning of this year.
Here’s what Altcoin Sherpa says about his sentiment towards Bitcoin based on higher timeframes:
“Make no mistake about it though, this is still a bullish high time frame (chart). “This could be the first ‘true’ weekly close above $44,000 since early December.”
You can follow the current price movement here.
