Tanya Abrosimova
Independent Analyst
- Dash is one of best-performing altcoins out of top-20.
- There are several factors behind Dash stellar performance.
DASH has just had another stellar day. The coin hit $136.51, which is the highest level since July 2019. Despite the retreat towards $121.50 by press time, the coin is still nearly 36% higher since the beginning of the day. The coin now takes 12th place in the global cryptocurrency market rating with a market value of over $1 billion.
What's going on with DASH
The spectacular growth triggered a lot of speculations. Traders, investors and cryptocurrency experts try to figure out the factors that might have served as a trigger for such an eye-watering price momentum.
FXStreet reported recently, that Internet outages in Venezuela support DASH adoption in the crisis-stricken country as it can be sent and received via SMS service. However, it is not the only possible reason behind the growth.
Twitter users discuss Dash Evolution rollout that has brought some notable changes to the ecosystem.
Terry Langston noted:
Dash Evolution rolled out huge (3 yrs in development) Name-based transactions that r private/secure. Dash DAPI platform & Dash Decentralized Storage utilizes leverages Dash decentralized PoService & PoW infrastructure (game changer). Dash Investment Foundation New Board member.
Apart from that, he mentioned 51% attack innovation that was being adopted by large exchanges.
DASH/USD: technical picture
From the technical point of view, DASH is deeply overbought on all timeframes. It means that the coin is vulnerable to a correction, though it is not guaranteed considering a wild speculative market. The initial support is created by a psychological $100.00. Once it is broken, the correction may continue towards $80.50 reinforced by SMA200 daily. This area is likely to slow down the bears; however, a sustainable move lower will open up the way towards SMA100 daily at $59.60.
On the upside, DASH may retest the recent high of $136.50. The next resistance comes at $186.50, which is the recovery high of 2019.
DASH/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.