Dash coin is a cryptocurrency with a major potential that led to its rapid value gain in the last two years to the most popular cryptocurrency today and has rapidly increased in value in 2021. Dash is currently trading for $47 per token, and that’s an impressive project based on Litecoin code, with additional features added later on. Unlike other coins on the market, it aims to be used for payments rather than being held as an investment. It was originally called Darkcoin because of its privacy features, which now have been removed, and was renamed Dash in 2015.
It launched the blockchain with 4,000,000 users worldwide already using it every month. Dash remained one of the most popular cryptocurrencies out there. Its price has increased significantly over time from $11 per token back in January 2017 to over $1300 each as of December 2017, but following turmoil, it slipped back to the $20s in 2018.
It took a decent two years to gain momentum, and we witnessed another bullish trend hitting peaks of $450 and above. The evolution of digital cash cryptocurrencies has been called one of the most spectacular economic experiments in history. Currently, Dash holds a market capitalization of $500 million, with just 57% of its tokens under circulation.
Dash Price Analysis
Dash price analysis shows initial signs of consolidative buying with wick forming in the lower candles. This price action displays an interesting buying trend at the lower levels, but the negative sentiment would be diluting the sentiments till it manages to surpass $60 in the short term.
Looking at the price action about the transactional volumes, the volumes have remained fairly uptrending as RSI went back to neutral zones of above 40. It could be a positive signal for buying action in the short term. On the flip side, Dash prices show a resistance near $50 levels that push the values from gaining strength. Despite transitional volumes remaining higher, it cannot indicate the price trend since Dash is more popularly used as a payment coin rather than an investment coin.
The previous consolidation zone between $53 and $65 has become a buyer’s challenge. But breaching the upper level of $65 would bring massive buying action in the short term. The 100 DMA curve has also dipped to the $55 range, and surpassing this level would indicate a positive stance in the short term. A pushback from lower levels can bring Dash to positive zones, but it would take some consolidation in the coming days. Further resistance to watch out would be $85 and $120 in the longer run.
This news is republished from another source. You can check the original article here
Be the first to comment