- DASH price has experienced a decline of 17.60% during the weekly trading session.
- Technical indicators summary suggests a negative signal in the current phase.
- The trading volume has declined 31.22% in the last 24 hours.
Launched in January 2014, Dash (DASH) is an open-source decentralized blockchain. The blockchain has included features such as a two-tier network, which incentivizes nodes, instant payment settlements, chainlocks instant immutable, and privacy for transactions. The two-tier network secures the DASH transactions, which conduct mining operations under a proof of work (PoW) consensus mechanism and proof of stake (PoS) consensus algorithm for rating master nodes.
DASH Crypto Six-Month Returns Left to Only 23.67%
A positive noticeable change has been observed in the DASH crypto price on October 19, 2023. The price started a bullish rally, which resulted in an upsurge of 54% to the $39.06 resistance level. The price significantly changed character while breaking above the $33.56 supply level.
The whole situation shifted market sentiments into bullish in technical terms. This brought an intriguing opportunity for the buyers for a long shot on the $25.19 demand zone. Subsequently, the price reflected another bullish move of over 80% to the $45.56 resistance. However, crypto traders failed to maintain support on the $31.65 level.
The maximum supply of the tokens is locked at 18.90 million, of which 11.75 million DASH tokens are in current circulation. The full diluted market capitalization of the network is estimated at around $585 million. The current market capitalization is $364 million, with a 24-hour trading volume of $69.52 million.
Price to Volume and Social Dominance Analysis
The price of Dash crypto moved parallel to the social buzz that was happening on social platforms. This reflects that cryptocurrency got major attention from social posts, which positively impacted the price. However, after February 2024, the DASH crypto gained a lot of public trust, resulting in a rise without the need for social dominance.
Technical Analysis of the Dash (DASH) Price
The current price has fallen below the key exponential moving averages, reflecting an uncertain trend. The 50-day and 200-day EMAs can act as dynamic resistance for the Dash price.
DASH crypto price faced strong resistance from the $39.06 supply level. The price fell 34% on the $25.19 crucial demand zone. It has given a breakdown of the $31.69 bullish POI. Dash price is gaining some positive reactions from the $25.19 demand level. A sharp closing above $39.06 can lead the price toward $45.56.
Furthermore, the relative strength index (RSI) is showing a bearish momentum in the current phase, reflecting bears’ dominance. The RSI is moving at 38.09 below the signal line.
Summary
The Dash crypto price faced heavy selling from the $45.56 resistance level. The breakdown of the $31.69 support level shifted the market sentiments in an uncertain situation. At press time, the price is trading at $30.62. Regarding the technicals, the cost can surge toward $45.56 if the price gives a closing above $39.06. Till then, the price can continue the bearish trend.
Technical Levels
- Resistance Levels: $39.06 and $45.56
- Support Levels: $25.19 and $23.14
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.