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The Dymension price dropped more than 2% over the past 24 hours to trade at $7.43 at press time.
The Dymension Price Remains in Consolidation
1-hour chart for DYM/USDT (Source: TradingView)
The Dymension price has been in a consolidation phase between $7.2465 and $7.9770 over the past few hours. This may be an accumulation phase before a strong move to the upside. Should this bullish thesis play out, DYM may attempt to flip the resistance level at $7.9770 into support, which may give the crypto the foundation needed to rise higher in the following 48 hours.
A break below the $7.2465 support level could invalidate this bullish thesis. In this alternative scenario, the Dymension price may fall to the subsequent support level at $6.3750 in the following 48 hours.
Technicals Sending Mixed Signals
Technical indicators on DYM’s 1-hour chart are currently contradicting each other. On one hand, the Moving Average Convergence Divergence (MACD) indicator signals that the Dymension price has entered a negative cycle and may continue to drop in the next 24 hours. Meanwhile, the Relative Strength Index (RSI) indicator shows that buyers are growing stronger against sellers. This may subsequently lead to DYM’s price rising in the next 24 hours.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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