DYM's price reversedDYM 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).
