Newly launched cryptocurrency assets have more upside potential, according to popular analysts and traders.
Trader known by the pseudonym Altcoin Sherpa says Social media platform X’s 206,900 followers are expecting the native token of modular blockchain Dymension (DYM) to go “higher.”
A modular blockchain is a decentralized network that is considered to be relatively more scalable and flexible than a regular blockchain because it consists of separate layers that handle specific functions.
According to Altcoin Sherpa, a “severe decline” in DYM will provide an entry opportunity. According to a chart from Altcoin Sherpa, analysts appear to view $6.32 as a significant previous resistance level that could potentially turn into a support zone.
Dymension, which launched its mainnet earlier this week, is trading at $7.75 at the time of writing, up about 96% from $3.95 recorded on February 6.
Next is Bitcoin (BTC). According to Altcoin Sherpa reason Even if Bitcoin rises following price action on lower time frames, you need to be careful. According to a widely followed analyst’s 4-hour chart, Bitcoin appears to be trading in a resistance zone that has prevented it from rising beyond the beginning of the year.
Altcoin Sherpa on his sentiments on Bitcoin based on higher time frames: Called,
“Make no mistake. These are still optimistic times. This would be the first ‘real’ weekly close above $44,000 since early December.”
At the time of this writing, Bitcoin is trading at $47,429.
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Featured image: Shutterstock/Tithi Luadthong/Vladimir Sazonov