- The DIMO crypto has been trading in a range since June.
- The lack of stable buying volume meant that the recent surge would need time to develop further.
DIMO (DIMO) was in a consolidation phase on higher time frames. In the last 24 hours, it managed to jump almost 82%, from $0.122 to $0.227. In recent hours, the price was forced to fall to $0.163.
This retracement represents a 28% move from recent highs. In doing so, the $0.18 support zone was ceded. Will the bulls push prices above this level and resume their upward movement?
Rejection of the highs of recent hours
Source: DIMO/USDT on TradingView
At press time, DIMO crypto was down 28% from the local high of $0.227. The RSI on the 12-hour chart briefly climbed into overbought territory to reach 78.75 before falling.
The CMF was at -0.06 and remained below -0.05 for much of October. This shows that selling pressure has been dominant, and the price chart for the past two months agrees.
The recent surge was an anomaly, as the DIMO crypto has been trading in a range since June. It usually takes weeks to move from the low at $0.123 to the high at $0.232, as was the case in July.
This one-day move meant the market was probably overextended.
Despite this, the bulls hope to be able to reclaim the $0.18 mid-level as support and consolidate there before the next impulse move.
Encouraging sign for long-term DIMO crypto investors
Source: Santiment
The token has seen a decent development score in 2024. Activity has been down significantly from May 2024 but has been stable since July. This was an encouraging sign for long-term investors.
Realistic or not, here is the market capitalization of DIMO in terms of BTC
It showed constant activity behind the scenes, even though the token was in a consolidation phase.
The lack of consistent buying pressure meant that a DIMO breakout past the range highs may not be imminent. A breakout and retest of the $0.23 level would provide a buying opportunity.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
