Following a successful DYM airdrop, promising IBC roll-ups project Dymension Network has seen price of native DYM token double.
This article will provide an analysis of DYM’s current price trends and look to see whether a newer meme coin, Meme Kombat, represents a more promising investment opportunity at this time.
The highly anticipated DYM airdrop saw more than 70m DYM tokens – worth a reported $400m – distributed to holders, but with the token launching against a backdrop of technical issues with the Dymension mainnet – will price action pull off a Celestia style rally?
Who Participated in $DYM ICO, Now they are 162% profit.
– ICO Price: $4.7
– Current Price: $7.7 ( 62% Up )
– Backer’s Round: Not Disclosed By Team.
Note: Backers Fund will be Unlocked after 421 Days ( 6 April 2025 )
— Crypto Patel (@CryptoPatel) February 9, 2024
Yet, despite the technical difficulties, crypto community sentiment remains remarkably bullish on DYM price, with analysts highlighting that original airdrop recipients are stood on a162% gain just 48-hours after token distribution.
DYM Price Analysis: As Dymension Network Mounts Rally After DYM Airdrop – Can Dymension Repeat Celestia’s Success?
As price action battles to keep pushing up, Dymension Network is currently trading at a market price of $6.98 (representing a 24-hour change of -4.14%).
This comes as a worrying layer of resistance around $8.33 stalls DYM’s impressive opening rally, with a potentially catastrophic double-topped rejection pattern that could spell downside on the short-time frame.
Now tumbling to the downside, DYM airdrop bulls are attempting to consolidate the price correction around localized lower support at $7.
In case of further declines, DYM’s price is expected to find support around the bottom trendline at $6.34.
The recent drop in DYM price originates from its departure from the shaky 20-day moving average (DMA) support, now aiming for a recovery target of $7.60.
On a brighter note, the price retracement has significantly cooled the Relative Strength Index (RSI), indicating an oversold condition at 40.17.
However, the Moving Average Convergence Divergence (MACD) indicates decreasing momentum and signs of rally fatigue post-airdrop at -0.1317.
Preliminary DYM price analysis suggests that, despite the airdrop’s strong start and a +162% gain for early participants, rally fatigue is impacting the price. The observed double-top rejection at resistance points to a potential downward trend in the short term.
This leaves DYM price scrambling for a recovery move back up to $7.60 (a possible +8.42%).
While downside risk could see DYM price tumble down to $6.34 (a potential -9.56%).
DYM price analysis therefore depicts a risk: reward ratio of 0.88 on the short-time frame – suggesting a bad entry characterized by downside retracement risk.
But while DYM airdrop might offer a bad proposition to late entrants, there is still time to get in early on the next moon-shot with the Meme Kombat presale.
Meme Kombat Explodes Over $8.4M Raised In Skyrocketing Presale – Don’t Miss Out on DYM Price Analysis Alternative
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
$8.4 million done in the $MK presale!
We’re getting there fighters pic.twitter.com/DM97hLfXZh
— Meme Kombat (@Meme_Kombat) February 8, 2024
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for Q1 2024. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
Meme Kombat Pits Meme Communities in High Octane Staking Battles – Just $1.4m Left To Go At Presale
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
Embrace the future of meme-based gaming and betting with Meme Kombat.
The post Dymension Price Doubles After Airdrop as New Meme Coin Surges to $8.8 Million in Funding appeared first on Cryptonews.