Dymension (DYM) has seen a significant value increase in the last 24 hours, outpacing most of the top cryptos in gains. When going to press, Dymension was up by 24.65% to trade at $4.98.
You are probably wondering what Dymension is all about. Dymension is a cryptocurrency that aims to make cryptocurrency apps more useful and sustainable. As things stand, most L2 networks are struggling because they are fragmented and face multiple security issues.
Dymension solves these problems through the standardization of rollups. It does this using the Inter-Blockchain Communication Protocol. To understand the importance of Dymension, consider how tokens have grown over the years thanks to having a uniform standard in the ERC-20.
Dymension Mainnet Goes Live – Includes Airdrop
While Dymension has a solid use that plays in the token’s favor long term, the current price rally can be attributed to a different set of factors. The first one is that the Dymension mainnet has now gone live. The launch of the mainnet has also been combined with an airdrop.
— Dymension (@dymension) February 6, 2024
Dymension has announced that network users and a few carefully selected groups will benefit from the airdrop. The airdrop is quite a big deal as DYM tokens worth $390 million are being airdropped. The total number of tokens being airdropped is 700 million, equal to 7% of the total supply of DYM tokens.
Binance Lists And Integrates DYM Token Into Its Ecosystem
News of the mainnet and airdrop has also coincided with some equally important news about DYM’s listing. Binance has announced that it is listing DYM tokens. Even better is that Binance has integrated Dymension in a way that is now accessible in Binance’s multiple trading options. Traders can now margin trade DYM tokens and maximize profits through leverage.
Binance has also announced that for spot trading, Dymension will be accessible across different pairs. Among the pairs that traders can now access Dymension are: DYM/USDT, DYM/TRY, DYM/BTC, and DYM/FDUSD.
This is a big deal as it will play a role in deepening the liquidity of Dymension tokens and the token demand in an all-out bull market.
Besides Binance, there are many other exchanges where investors can buy Dymension tokens. Among the top cryptocurrency exchanges where you can buy Dymension tokens are Kucoin, Gate.io, MEXC, and ByBit.
As it continues to hit the headlines as the top trending cryptocurrency of the day, Dymension is drawing a lot of attention.
In the section below, we look at Dymension’s price and examine how the token could trade going into the future.
Dymension Crypto Price Prediction
When going to press, Dymension was trading at $5.07, with trading volumes rising by an astronomical 3110717% to $453 million. The price rose when publishing the article and was up by 27.30%.
Immediately after being listed on Binance, Dymension rallied to a high of $6. However, after the initial hype, Dymension is forming a descending triangle, indicating that a correction could be underway in the short term.
If such a correction happens, the price could find significant support at $4.0, a critical psychological support level. If this support is broken, prices below $3 could be seen within the day.
However, if buying volumes rise and the descending triangle fails, buyers can expect significant resistance at $6. That’s the highest price Dymension has hit in the last 48 hours.
If DYM bulls can push the price through $6, then $10 could be within reach for Dymension in the coming days or weeks.
The Fundamentals Support A Rally To $10
While the price could go either way, there is a strong case for a bullish breakout that could take Dymension to highs of $10 or even more.
The first one is Dymension’s strong use case. Rollups are a necessity in the crypto space, and the fact that Dymension is standardizing them is a big deal. It’s just a big deal, like the ERC-20 standard was to Ethereum and how it saw Ethereum rise to the level at which it trades today.
Then, there is the fact that Dymension’s strong fundamentals are hitting the market at just the right time. The Bitcoin halving is approaching fast, and cryptocurrencies that are building upside momentum now could outperform the market.
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