As Bitcoin (BTC) recovered this September, altcoins have shown potential for significant upward movements. Low-cap altcoins like Dymension (DYM) have caught the eye of savvy investors amid the broader market recovery.
Altcoins have shown potential for significant upward movements as Bitcoin (BTC) recovered this September. Among these low-cap altcoins, Dymension (DYM) has caught the eye of savvy investors amid the broader market rally.
Recently, the DYM price, ranked among the top 150 crypto projects, surged nearly 20% intraday, reaching $1.62. This spike was driven by Bitcoin’s recent 5% rise to $61,000, highlighting BTC’s influence as the market leader. When BTC moves, many low-cap altcoins follow suit, making DYM one of the day’s top gainers.
However, after BTC’s impressive intraday performance, some turbulence was observed around the $61,000 level. Keep reading for more insights on whether the Dymension price will continue to rise despite broader market fluctuations.
DYM Price Grew 40% Intraday In Early September
In September, the DYM price has surged nearly 40% from its demand zone. It showed strong momentum after a prolonged consolidation in Q3 2024.
This intraday strength allowed DYM to break through the 20-day and 50-day EMA bands effortlessly. Despite having only 20% of its total supply of over 1 billion in circulation, the price has remained mostly above $1.
The market cap has grown to $332.178 Million, with a significant increase in spot trading activity. Intraday volume spiked by over 350%, reaching $46.7 Million, and liquidity surged, with the market cap-to-volume ratio hitting 14%.
In the derivatives market, the DYM coin has seen a remarkable 400% increase in volume inflow. This amounted to $169.84 Million, indicating rising demand.
According to Coinglass, DYM’s OI-weighted funding rates have risen to a positive 0.0064%. This signaled increased market optimism and reduced bearish sentiment.
Open interest for DYM crypto has climbed to $22.43 million, a 54.41% increase from the previous session. The 24-hour long/short ratio stood at 1.0036, showing more short positions than long ones.
Additionally, $212.03K worth of short positions were opened, while $72.66K in long positions were liquidated intraday. This suggested a positive market outlook for DYM.
These metrics highlighted a strong bullish sentiment for DYM, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that the DYM price could continue to rise.
A Glance At DYM Crypto’s Fundamentals
Dymension Crypto is a decentralized Layer 1 blockchain, with DYM serving as its operational fuel. The project’s strengths lie in its fundamentals, operations, market presence, and community support. However, the token faces challenges in code quality and governance.
Dymension has a robust presence on X. The account is 2 years and 6 months old and has 211.78K followers. This showcased its established position in the crypto community.
On GitHub, Dymension has been active for over 2 years and 2 months, earning 627 stars from developers. The project boasts a security score of 74.43 and a ‘3B’ tier security class rating.
Dymension has demonstrated strong development activity and social dominance. Increased participation could drive demand and potentially boost the value of DYM.
DYM Crypto: An Altcoin To Monitor In 2024
After an initial surge of over 1000%, the DYM price reversed from its peak of $8.62. It formed a bearish wedge and broke 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 gradually lost control.
If bulls manage to overpower the bears, the DYM crypto could target the 200-day EMA in the short term. The token would have 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).
As per the DYM price prediction, Short-term price targets for DYM are $2.30 and $3.20. At the same time, long-term targets, after achieving the short-term goals,
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