Price Analysis

Dymension Price Analysis: DYM Surges 11% After Dymension Name Service Debut

Dymension price analysis shows that the asset has been on an uptrend following the news of the Dymension name service, which will improve transaction handling.
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Dymension Price Analysis: DYM Surges 11% After Dymension Name Service Debut

Highlights

  • Dymension team announced the launch of Dymension Name Service (DymNS)
  • DymNS integrates multiple blockchains and RollApps under one name.
  • DYM price is expected to extend gains by 18% to hit $2.4 in the short term.

Dymension price analysis is bullish as the asset surged 11% in the last 24 hours to trade at $2.02 during European business hours on Thursday. The increase follows the announcement that Dymension Name Service (DymNS) will be launching soon on the modular network.

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Dymension Price Analysis: DYM Can Explode 18% in Potential Breakout

Dymension Price Analysis Chart

DYM price took a great hit following the previous general market downturn, but has had one of the best recoveries. After hitting an all-time low price of $0.96, DYM began its upward trajectory in a V-shape recovery. Following a short pause, the asset formed a cup-and-handle bullish continuation pattern and skyrocketed to $2.19. 

The price of DYM is currently retracing as market participants book profit. The 24-hour trading volume is up 86% to $114 million, showing an increase in investor interest. DYM is currently above the 50-day and 200-day simple moving averages (SMA), a confirmation of the uptrend continuation. 

Dymension MACD

The DYM moving average convergence/divergence (MACD) turned bullish on July 28, right before the asset began surging in price, and is approaching the zero level. A break above this level may signal continuation of the DYM rally. The Chaikin Money Flow (CMF) just broke above the zero line, an indicator that DYM buying pressure is increasing.

The daily time frame chart for Dymension price shows a falling trendline that has been acting as resistance for the asset. Price tested this barrier on July 17 before displaying some signs of rejection. DYM price may correct to $1.8, which coincides with the 0.5 Fibonnaci retracement level, before bouncing off to the 0.27 Fib extension level around $2.4. 

On the flip side, if bears prevail, DYM may find lower support around $1.5, $1.4 and $1.3.

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DymNS Debut Hype May Facilitate DYM Price Breakout

The Dymension team announced the launch of Dymension Name Service (DymNS), which creates a new user interface for seamless crypto interactions. 

The service will bring human-readable usernames to Dymension network, similar to what Ethereum Name Service (ENS) did to its network.

However, DymNS brings a twist to the decentralized DNS ecosystem. It integrates multiple blockchains and RollApps under one name. Hence, users can deposit to apps by simply transferring tokens to their 0x address, followed by the relevant handle

Bottom Line

Dymension price analysis shows that the asset experienced a significant 11% surge following the announcement of the coming Dymension Name Service. The introduction of the naming service suggests Dymension is enhancing its user-friendly features, potentially driving further adoption and price appreciation. DYM price is expected to hit $2.4 as it journeys back to its previous all-time high. 

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Frequently Asked Questions

What is Dymension?

Dymension is a blockchain platform designed to support the development and deployment of modular, application-specific blockchains called RollApps. These RollApps are built using the Dymension RollApp Development Kit (RDK), which simplifies and accelerates the creation of customized blockchain solutions for various use cases such as decentralized finance (DeFi), gaming, and social media applications​

What is the Dymension Name Service?

The Dymension Name Service (DNS) is a new feature within the Dymension ecosystem that aims to provide a decentralized and user-friendly way to manage blockchain identities and addresses.

Is DYM a good investment?

The current sentiment of DYM following the introduction of the Dymension Name Service is bullish making it a good investment if the market sentiments remains the same.
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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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