The Dymension price analysis reveals a bullish trend as the asset experienced an 11% surge in the last 24 hours, trading at $2.02 during European business hours on Thursday. This spike follows the announcement of the upcoming Dymension Name Service (DymNS) on the modular network.
Recent Performance and Potential Breakout
DYM has shown a remarkable recovery after hitting an all-time low of $0.96. The asset’s price followed a V-shaped recovery, forming a cup-and-handle bullish continuation pattern, and soared to $2.19. However, the price is currently retracing as investors book profits.
The 24-hour trading volume has increased by 86% to $114 million, indicating growing investor interest. DYM is trading above the 50-day and 200-day simple moving averages (SMA), confirming the continuation of its uptrend.
Technical Indicators
On July 28, the moving average convergence/divergence (MACD) for DYM turned bullish, coinciding with the start of its price surge. The MACD is approaching the zero level, and a break above this point may signal a continuation of the rally. The Chaikin Money Flow (CMF) also broke above the zero line, indicating increased buying pressure.
The daily time frame chart shows a falling trendline acting as resistance. The price tested this barrier on July 17, showing signs of rejection. DYM may correct to $1.8, aligning with the 0.5 Fibonacci retracement level, before potentially bouncing to the 0.27 Fib extension level around $2.4. If the bears prevail, DYM could find lower support around $1.5, $1.4, and $1.3.
Impact of Dymension Name Service (DymNS)
The Dymension team announced the launch of Dymension Name Service (DymNS), a new user interface for seamless crypto interactions. DymNS will bring human-readable usernames to the Dymension network, similar to Ethereum Name Service (ENS). However, DymNS offers a unique twist by integrating multiple blockchains and RollApps under one name, allowing users to deposit to apps by simply transferring tokens to their 0x address followed by the relevant handle.
Conclusion
The Dymension price analysis highlights a significant 11% surge following the announcement of Dymension Name Service. This new feature aims to enhance user experience, potentially driving further adoption and price appreciation. DYM is expected to reach $2.4 as it continues its upward journey towards its previous all-time high.
