DIMO cryptocurrency rose 82% in one day, but bulls face this challenge
In the cryptocurrency market, DIMO's recent performance has attracted widespread attention. It surged nearly 82% in one day; however, bulls also face a series of challenges amid their excitement.
Since June, DIMO has been trading within a certain range. This sudden rise has invigorated the market, but it has since pulled back. As of the time of publication, it has fallen 28% from its peak.
From a technical indicator perspective, on the 12-hour chart, the Relative Strength Index (RSI) briefly entered the overbought zone before starting to decline, indicating that the market may have experienced excessive buying in the short term, followed by some adjustments. Meanwhile, the Chaikin Money Flow (CMF) has remained below -0.05 for most of October, indicating that selling pressure has dominated the market.
In terms of price support and resistance levels, the support area at $0.18 was previously abandoned, but bulls hope to reclaim this level and use it as a strong support level. If it can break through and retest the $0.23 level, this will provide investors with a buying opportunity.
From the perspective of long-term investors, DIMO has achieved good development in 2024, and activity has remained relatively stable since July, which are encouraging signs. However, the current market lacks stable buying pressure, suggesting that breaking through the range high may not be imminent. Nonetheless, there is still relatively stable activity taking place behind the scenes.
In summary, the trend of DIMO cryptocurrency is filled with uncertainty and challenges. Investors need to closely monitor various market factors while paying attention to its price fluctuations in order to make more informed investment decisions.
