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DASH, like many other tokens in the crypto market, started the year with a bullish sentiment that inspired hope among investors. The token rose 52% in the first month, despite efforts by bears to keep it stunted at $53. With this record of accomplishment, the DASH price regained all the ground lost between May and November when it started dipping following a painful year of downtrends and scandals.
Nevertheless, the ground looks shaky for the open-source blockchain token in the first week of February as bears are delivering a good fight that has limited investor profits thus far. The token started the month with a breakout past a critical level, but the move was premature as bears quickly took over on February 2 and delivered the DASH price to the $59.26 support level where it currently sits.
At the time of writing, DASH price was auctioning for $61.84 after losing 0.91% on the last day. The token was up 48% in trading volume in the last 24 hours to $120.3 million and recorded a live market cap of $685.7 million, bringing it to #67 on CoinMarketCap.
DASH Price Soars On Bitcoin Lead
As a result of the Bitcoin (BTC) lead starting January 1, most altcoins have quickly caught on, bringing the total crypto market cap above $1.06 trillion on February 6, 2023, for the first time since September 2022.
As a scalable alternative to Bitcoin, Dash was forked from the king crypto in 2014 with a two-tiered structure that helps enhance transaction speed and privacy. The Dash network has two layers, TIER 1 and TIER 2.
The first layer constitutes a peer-to-peer (P2P) network of miners who add new blocks to the network. In contrast, the second layer features master nodes and full network nodes serving to execute anonymous and instant transactions. TIER 2 also works as a decentralized budgeting and management feature based on the Proof of Service principle.
The DASH coin has witnessed a massive surge in transaction volume, suggesting that buyers have been taking long positions as they continue to expect more gains. Resultantly, DASH transaction volume spiked by 125.73% within the last month to reach $14.06 million at the time of writing.
The spike is attributed to the upcoming mainnet release of Dash Platform, a Web3 technology stack that enables developers to create decentralized applications (dapps) through integrating architectural components like Drive and DAPI.
1/2 $DASH is ripping. The reason could be the impending mainnet release of Dash Platform, which is due to be released on the testnet soon. This Web3 technology stack allows a storage component for
— 🇺🇦Crypto SJ You just #HODL (@SJCrypto) February 2, 2023
The former is a storage component for consensus-based data validation, whereas the latter is a decentralized HTTP API capable of converting Dash’s P2P network into a cloud-based system.
A smart contracts virtual machine will feature in the platform’s mainnet release, alongside inter-blockchain communication and support for fungible tokens and non-fungible tokens (NFTs).
DASH Price Confronts A Major Resistance Level As Bulls Eye 35% Gains
DASH price was trading with a bullish bias, recording higher highs and higher lows to form an ascending trendline. After bears pulled the DASH price down from the new month’s gains to a sitting position on the $59.26 support level, the bulls are looking to make up for the ground lost by raising the price. This is possible for as long as the price operates above the trendline.
At the time of writing, DASH was trading at $61.84 as bulls confronted the major resistance level at $63.63, which was barring their northward move.
An increase in buying pressure will see the DASH price breach this roadblock and record further gains, but it depends on whether the price will achieve a daily candlestick close above this level. If it does, the DASH price will look at the $85.66 level next, which was last tested in May.
Reaching the $85.66 target would represent a 35.19% increase from the current levels and was highly likely given the positive outlook of various indicators.
DASH USD Daily Chart
The bullish outlook and expected gains were indeed possible, given the upward movement of the 50-day Simple Moving Average (SMA) at 49.4, showing that more buyers were coming into the market. Similarly, the 100-day and 200-day SMAs had just touched, giving a buy signal for DASH investors; the same case for the RSI, which was crossing above its yellow signal line on its way upwards.
In addition, the Relative Strength Index (RSI) was also tipping upward, while the moving average convergence divergence (MACD) was in the positive region above the neutral line. All these points to the odds favoring the upside. Notice that the RSI position at 66 showed that there was still more room for further gains before the DASH token could be written off as ‘overbought.’
On the downside, if the DASH price fails to break beyond the major resistance level, the current trend could be capped here, leaving the only possible direction for the price of the open-source blockchain token to be downward.
In such a case, bulls would be looking at two possible places for a breather, first, the trendline at $53.38, and second, the major support level at $50.10 embraced by the 50-day SMA. In extremely desperate conditions, they could hinge on the 200-day and 100-day SMAs, but only a little solace (if any) could be found here.
Taking note of the histograms, which were turning from deep green to pale green, indicating buying momentum was easing out, and bears could recover the Dash market.
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