Why is DIA Price Up By 55%?

Crypto project DIA (Decentralized Information Asset) has seen immense volatility in recent days, surging over 55% in the last 24 hours to trade around $0.495 as of this writing.

After ranging between $0.32 and $0.54 over the past day, DIA is currently changing hands near the middle of that wide trading range. Volume has exploded higher in tandem with the price spike, with over $75.5 million worth of DIA trading in the last 24 hours.

Source: CoinStats – Start using it today

As a refresher, DIA functions as a decentralized oracle network, enabling reliable data feeds for use in financial smart contracts. The open-source platform connects data providers, vendors, and users to foster an ecosystem of transparent and accessible financial market data.

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The reason behind this specific parabolic move is not immediately clear. There have been no apparent major protocol announcements driving the short-term surge. However, the considerable uptick in trading activity likely contributed to the rally as DIA dominated gains across exchanges.

Nonetheless, it qualifies as an eye-catching move driven chiefly by positive technical and momentum factors rather than tangible developments for the DIA network itself. With the price hitting fluid resistance levels now, a period of consolidation or retracement in the near term looks probable before DIA attempts to confirm the breakout’s legitimacy.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency