Despite the fact that almost all of the coins in the cryptocurrency market have lost ground over the past few years, the price of Dash Coin is rising quite a bit.
At the time of writing, Dash is trading at $138.76, posting a gain of 8.43% over the last 24 hours. It has a market capitalization of $419 million, making it 77th in the Crypto Online rating.
This is a cryptocurrency with a long history, and it has completely replaced it within the ecosystem. However, it is still one of the largest companies, and its usefulness continues to grow.
Dash has a network capable of processing instant and secure payments, with operating costs of less than a penny per transaction. These are the qualities that cryptocurrency needs as an alternative to everyday purchases, and thanks to this Dash has managed to remain one of the leaders in this market.
Putting “fun” into the innate! 🙃👍 #Dash is digital cash ⚡️💸
Instant, secure payments that cost less than a cent to send to anyone, anytime, anywhere in the world. 🤯 @Dashpay is unreliable, unauthorized, censorship-resistant money that can be instantly respent! 🚀 pic.twitter.com/njtvdonU2F
– Mark Mason (@StayDashy) January 7, 2022
Crypto Dash Technical Analysis
On the monthly DASH vs USD chart, we see that this cryptocurrency was one of the coins that rose lower during the bullish run of 2020/2021.
This may partly be one of the reasons it has been jumping higher lately. You probably don’t have much to lose anymore, thanks to a strong cushion of stockholders piling up at low prices.
At the moment, we are seeing the price of Dash cryptocurrency defending a support area around $140. If this continues, the current point could be the start of a significant upside rally.
However, today there is a dominant downside risk, which could lead to a drop in the price of this cryptocurrency. This risk will not be too worrisome as long as this support area is around $140.
To confirm that the bulls are regaining control, the resistance at $222 must be breached, which will open the way to buy all the way to the lows at $473.
Crypto Dash Technical Analysis. Source: TradingView.
From this time frame, we can take a more detailed X-ray of what is happening with the cryptocurrency Dash.
Since the start of the widespread crash of the cryptocurrency market (early May 2021), Dash has been locking itself in a descending triangle, which could herald an even bigger decline.
However, the increase in selling pressure will only be confirmed if the triangle support, which is at $115, is breached. And if that happens, the land will be cleared to a minimum of $87.
Currently, the immediate support level is being defended, and although it did not generate an overly optimistic rally, buyers still have a good portion of the odds in their favour.
At the moment, it seems that fear and uncertainty in the cryptocurrency market could cause more problems for Dash. However, should the general decline bottoms soon, this coin could benefit quite a bit after that.
All of our publications are very informative, so in no way should they be followed as investment advice.