If the price of Dash continues defending support around USD 140, it could be the beginning of a significant bullish rally. If there is an increase in selling pressure, the ground would be clear for at least USD 87.
Almost all the cryptocurrencies on the market have lost value in the last few years. However, Dash Coin (DASH) is among the few whose price is still increasing.
DASH is currently trading at around USD 151 and has accumulated a gain of 1.8% in the last 24 hours. Its daily trading volume is above USD 331.33 million, and its market capitalization is about USD 1.59 billion. It occupies 83rd place in the cryptocurrency ranking, according to CoinGecko.
Throughout its history, that cryptocurrency has lost much prominence within the ecosystem. Despite that, it is still among the largest by market capitalization, and its utility is still growing.
Dash stands out as its network can process instant and secure payments, with operating costs below a penny per operation. Those are qualities that a cryptocurrency needs to become an alternative for daily purchases. For that reason, that crypto asset has remained one of the leaders on the market.
The Technical Analysis of the Price of the Dash Cryptocurrency
The monthly DASH/USD chart shows that the price has been rising little during the 2020/2021 bullish rally.
Among other reasons, that may have contributed to making it jump higher lately. Probably, it does not have much more to lose, as many holders are accumulating at low prices.
The price of the Dash cryptocurrency is currently defending support around USD 140. If it remains at that point, it could be the beginning of a significant bullish rally.
However, there is a dominant bearish risk, which could push the price of the crypto asset lower. That risk would not be a matter of concern as long as the support zone around USD 140 holds.
Before confirming that the bulls have regained control, the price has to break through the resistance at USD 222. That would open the way to purchases of as low as USD 473.
The Weekly Chart of the Value of DASH
The weekly DASH/USD chart shows a more detailed X-ray of what is happening with the cryptocurrency.
Since the widespread crash of the cryptocurrency market started in early May 2021, Dash has been in a descending triangle. That could be a sign of a further drop in the short term.
However, only if the price breaks through the triangle support at USD 115, there would be an increase in selling pressure. If that happens, the ground would be clear for at least USD 87.
The value of DASH is currently defending the immediate support level. Although it has not generated an overly optimistic rally, a big part of the probabilities still favors buyers.
Right now, DASH could have more problems in the cryptocurrency market due to fear and uncertainty. However, if the general decline reaches its bottom soon, that cryptocurrency could benefit quite a bit afterward.
By Alexander Salazar
