DYM's price reversed
DYM Crypto: An Altcoin To Monitor In 2024
After an initial surge of over 1000%, DYM's price reversed from its peak of $8.62, forming a bearish wedge and breaking multiple supports in Q2 2024.
However, in Q3, the price stabilized around the $1.00 mark, consolidating in a range that indicated accumulation. This consolidation led to a wedge breakout, with intraday movements suggesting that bears are gradually losing control.
If bulls manage to overpower the bears, DYM could target the 200-day EMA in the short term, having already surpassed the 20-day and 50-day EMAs.
Despite the recent bullish intraday activity, a confirmed rally is yet to be seen. Confidence in the rally would increase if the price rises and sustains above $2.30, indicating a change of character (ChoCh).
Short-term price targets for DYM are $2.30 and $3.20, while long-term targets, after achieving the short-term goals, are $5.20 and $7.70.
However, if momentum does not pick up, the price may continue to consolidate or even drop below $1, which could undermine investor confidence. Therefore, investors should avoid FOMO and conduct their own research (DYOR).
After an initial surge of over 1000%, DYM's price reversed from its peak of $8.62, forming a bearish wedge and breaking multiple supports in Q2 2024.
However, in Q3, the price stabilized around the $1.00 mark, consolidating in a range that indicated accumulation. This consolidation led to a wedge breakout, with intraday movements suggesting that bears are gradually losing control.
If bulls manage to overpower the bears, DYM could target the 200-day EMA in the short term, having already surpassed the 20-day and 50-day EMAs.
Despite the recent bullish intraday activity, a confirmed rally is yet to be seen. Confidence in the rally would increase if the price rises and sustains above $2.30, indicating a change of character (ChoCh).
Short-term price targets for DYM are $2.30 and $3.20, while long-term targets, after achieving the short-term goals, are $5.20 and $7.70.
However, if momentum does not pick up, the price may continue to consolidate or even drop below $1, which could undermine investor confidence. Therefore, investors should avoid FOMO and conduct their own research (DYOR).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.