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.
![560f0592554064177695ab6bfe08ba3772abe1fe Trader Says Altcoin That’s Exploded Over 90% in Four Days To Go Way Higher, Updates Outlook on Bitcoin](https://i0.wp.com/pandoraland.info/wp-content/uploads/2024/04/560f0592554064177695ab6bfe08ba3772abe1fe.png?w=640&ssl=1)
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.
![a2c22e275b8350c5bb3abfa14cfb4a0d170f9934 Trader Says Altcoin That’s Exploded Over 90% in Four Days To Go Way Higher, Updates Outlook on Bitcoin](https://i0.wp.com/pandoraland.info/wp-content/uploads/2024/04/a2c22e275b8350c5bb3abfa14cfb4a0d170f9934.png?w=640&ssl=1)
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.”
![91c0b8deedb8a9a4a8e0d653bdc2f63b59a66c7b Trader Says Altcoin That’s Exploded Over 90% in Four Days To Go Way Higher, Updates Outlook on Bitcoin](https://i0.wp.com/pandoraland.info/wp-content/uploads/2024/04/91c0b8deedb8a9a4a8e0d653bdc2f63b59a66c7b.jpg?w=640&ssl=1)
Bitcoin is trading at $47,429 at time of writing.
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