Trader Says Altcoin That’s Exploded Over 90% in Four Days To Go Way Higher, Updates Outlook on Bitcoin

Must read

Cosmos co-founder says GovGen will show how governance can be used in blockchain development

Cosmos co-founder says GovGen will show how governance can be used in blockchain development Monika Ghosh · 4 hours ago ·...

Bitcoin network congestion eases as mempool clears in February

Bitcoin network congestion eases as mempool clears in February Andjela Radmilac · 7 hours ago · 2 min read ...

What is the role of spot Bitcoin ETFs in modern investment portfolios?

Aligned within a year of its three halving events, Bitcoin had three major bull runs in its 15-year history. After each one, in 2013,...

Why a trustless, multichain approach to web3 demands direct integration

Why a trustless, multichain approach to web3 demands direct integration Lomesh Dutta · 16 hours ago · 3 min read...

A newly launched crypto asset possesses more upside potential, according to a widely followed analyst and trader.

The trader pseudonymously known as Altcoin Sherpa tells his 206,900 followers on the social media platform X that he expects the native token of modular blockchain Dymension (DYM) to “go way higher”.

Modular blockchains are decentralized networks that are considered relatively more scalable and flexible than regular blockchains because they consist of separate layers that handle specific functions.

According to Altcoin Sherpa, “any significant pullback” by DYM would present an entry opportunity. Based on Altcoin Sherpa’s chart, it appears that the analyst sees $6.32 as a previous significant resistance level that could potentially turn into a support zone.

Source: Altcoin Sherpa/X

Dymension, which launched its mainnet earlier this week, is trading at $7.75 at time of writing, up by approximately 96% from a price of $3.95 recorded on February 6th.

Next up is Bitcoin (BTC). According to Altcoin Sherpa, there’s a reason to be cautious even as Bitcoin trends up based on the price action on the lower time frames. From the widely followed analyst’s four-hour chart, it appears that Bitcoin is trading at a resistance zone it was unable to rise above earlier this year.

Image
Source: Altcoin Sherpa/X

On his sentiment for Bitcoin based on the higher time frames, Altcoin Sherpa says,

“Make no mistake about it though, this is still high time frame bullish. This would be the first ‘real’ weekly close above $44,000 since early December.”

Image
Source: Altcoin Sherpa/X

Bitcoin is trading at $47,429 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov

More articles

Latest article

Cosmos co-founder says GovGen will show how governance can be used in blockchain development

Cosmos co-founder says GovGen will show how governance can be used in blockchain development Monika Ghosh · 4 hours ago ·...

Bitcoin network congestion eases as mempool clears in February

Bitcoin network congestion eases as mempool clears in February Andjela Radmilac · 7 hours ago · 2 min read ...

What is the role of spot Bitcoin ETFs in modern investment portfolios?

Aligned within a year of its three halving events, Bitcoin had three major bull runs in its 15-year history. After each one, in 2013,...

Why a trustless, multichain approach to web3 demands direct integration

Why a trustless, multichain approach to web3 demands direct integration Lomesh Dutta · 16 hours ago · 3 min read...

US agencies pause Biden-sanctioned emergency miner survey following lawsuit

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...