The DIA coin price has defied gravity in the past few days. The token jumped to the highest level since April 4th, even as other coins tumbled. It is now trading at $0.8760, about 193% above the lowest level this month. In addition, its total market cap has risen to more than $61 million, making it a top 400 cryptocurrency.
What is DIA coin?
DIA is a relatively new blockchain platform that seeks to disrupt the oracle business that Chainlink now dominates. Its role in the industry is to receive data from centralized and decentralized exchanges and then customize them. This off-chain data can then be integrated with other on-chain platforms like the metaverse, stablecoins, staking rewards, and NFT platforms.
The platform is compatible with most blockchains like Ethereum, Binance Smart Chain, Polkadot, Polygon, and Fantom, among others. As a result, it is unclear why the DIA coin price has risen sharply this week.
A possible reason is that the network launched the OmiDex DEX scraper, which enables DIA to collect and aggregate market data on Telos ecosystem. In addition, the platform was also embraced by Tomb Finance, which is a popular DeFi platform.
DIA Coin price prediction
The two-hour chart shows that the DIA price crashed to a low of $0.3015 on May 12th. Before the current rebound, the coin formed a rising wedge shown in black. In price action analysis, this pattern is usually a bearish sign. However, the coin managed to invalidate the bearish outlook. It has then jumped above the 25-day and 50-day moving averages.
The coin has also passed the descending trendline that is shown in blue. Additionally, it moved above the key resistance level at $0.9921. Historically, these parabolic moves tend to be short-lived. Therefore, it is likely to retreat as investors take profits. If this happens, the next key support to watch will be at $0.50. Its invalidation point will be at $1.1815.