Why DASH Crypto Has the Potential to Double from Current Levels?

• The technical indicators are indicating a bullish outlook in DASH crypto.
• The DASH crypto price is slowly advancing giving a return of 7% in the last six months.

Dash is a cryptocurrency offering fast, secure, and private transactions using a self-funding and self-governance model, a two-tier network of miners, and Masternodes. It was launched in 2014 by Evan Duffield and the project was formerly known as Xcoin and Darkcoin.

The market cap of the Dash crypto has declined by 2.62% in the last 24 hours, following an equal amount of decline in the crypto’s trading price. The current market cap of the DASH crypto is $376.76M and it has a market cap rank of #127.

The spot traded volume for the DASH token in the last 24 hours is $55.482M, resulting in a crypto market ranking of #119. It resulted in a volume/market cap ratio of 15.26% and a circulating supply of 11.581M DASH.

DASH Crypto Derivatives Analysis

The long/short ratio for the DASH crypto for the last 24 hours is 0.9037, resulting in derivatives traded volume of $14.73M. Moreover, the derivatives trading volume has declined by 28.94%, following a further decline of 4.5% in the open interest. 

The short liquidation for the crypto is very low when compared to the long liquidation of $29.98K. It shows that there has been huge profit booking in the last 24 hours.

DASH Crypto Technical Analysis

The DASH crypto has consistently witnessed a decline in its trading price for the last two years. This phenomenon led to the formation of the lower highs on the crypto charts. Despite that, following the most recent price action, the DASH token price is trying to advance to a higher level by forming higher high swings.

DASH/USD Chart by TradingView

The 50-day and the 200-day EMAs are trading in a death cross on the daily chart while the trading price has broken above the EMAs. Moreover, it is visible that the DASH crypto price is taking support at the 50-day EMA. 

The RSI for the DASH token is trading in a bullish zone and is currently taking support at the 50 level. The RSI is currently trading at the level of 52.93 and has declined below the 14-day SMA. 

Thus, if the RSI manages to break above the 14-day SMA by sustaining above the 50 level, the crypto price might surge to a higher level.

Conclusion

Dash is a fast, secure, and private cryptocurrency with a self-funding and self-governance model. It has broken above a key resistance level and is showing bullish signs on the technical indicators. Therefore, if the DASH crypto price breaks above the last swing high, we might get to see higher levels in the future.

Technical Levels 

• Support levels– $23.60 and $28.00
• Resistance levels– $74.50 and $133.50

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.