Can Dash Rise and Cross $50 Again?
Dash is a digital currency that enables fast, low-cost, and private transactions. It is derived from Bitcoin’s code but has a two-layer network with master nodes that offer additional services. Dash also has features such as InstantSend, PrivateSend, and ChainLocks. Dash is one of the most established and well-known altcoins.
The total value of the Dash (DASH) network, if all 19 Million DASH tokens were available today, is $496,422,833. However, not all DASH tokens are in circulation yet as they are released slowly over time. This means that the actual market cap of Dash (DASH) may be lower than the FDV. According to [CoinGecko], it may take many years for the FDV to be acquired.
Moreover, DASH has not shown good performance this month, as it fell by 19.87% and by 50.83% in the past six months, showing underperformance. Also, the year-to-date return of the DASH price is negative with a 37.40% decline.
Dash crypto surged by 0.20 % in market value and plummeted by 5.19% in trading volume in the last 24 hours, as per Coinmarketcap, a crypto data and info website. Its market value is $300,687,504 and its trading volume is $33,976,191. There are 11,445,296 DASH in circulation.
Dash (DASH) open interest is $11.18 Million, as per Coinglass, which is a crypto analysis website, it fell by 4.60% in the previous session. The long versus short ratio for 24 hours is 1.0525. The total number of short positions added in the last 24 hours is $68.375 against longs of $5,294.769.
Technical Analysis Of DASH Crypto 1-Day Timeframe
The DASH crypto price has been plummeting for the last year by 43.25%, losing its value and creating lower highs and lows and descending.
The DASH crypto price is facing a lot of selling pressure and dropping every day. The bears are dominating and the price is not able to recover. The 50.00% fibo level or $50 was breached in April 2023 and descended significantly.
The DASH crypto price might keep falling and reach or break the support levels of $23 and $20 if it does not maintain the current level and drops more.
On the other hand, if the price holds at the CMP level and breaks above the trendline, then it might reach the nearest target resistance levels of $28 and $30.
At the time of publishing, Dash (DASH) is trading below 50, and 100 EMA, showing bearishness on daily charts. RSI is around 43, turned bearish and MACD indicates bearishness to consolidation.
Conclusion
The DASH crypto price prediction shows a negative outlook and a lack of confidence from investors and traders in the daily time frame. Dash price action reveals a downward trend at the time of writing. Moreover, the most popular and reliable technical indicators such as RSI, EMA, and MACD suggest that the downward trend will continue in the daily time frame chart for the price.
Technical Levels:
- Support levels: $23 and $20
- Resistance levels: $28 and $30
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
