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

By The Daily Hodl February 10, 2024 In Bitcoin
Source: Altcoin Sherpa/X

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.

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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.

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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.”

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Source: Altcoin Sherpa/X

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

Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov

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