- Dash price soared nearly 30% and trading volume increased by 141%, indicating strong market demand.
- Dash is trading above the 50-day and 200-day EMAs, confirming the bullish technical strength.
Dash has become one of the most notable performers in the crypto market, garnering a lot of attention due to its rocket-like price movements over the past 24 hours. According to data from CoinMarketCap, the digital asset has soared nearly 30%, with daily trading volume increasing by an astonishing 141%, indicating strong institutional and retail demand for the token.
The daily chart shows a strong technical image that contributes to a further bullish trend. At its current price of $60.99, Dash is clearly trading above its 50-day exponential moving average of $38.24 and its 200-day exponential moving average of $28.78.
Additionally, the golden cross structure also supports bullish momentum. In this structure, the short-term moving average will trade higher than the long-term moving average. This is generally considered a bullish indicator of frequent long-term uptrends. The price action shows that the Dash has not only broken through these major resistance levels, but has also set them up as possible support levels, indicating that there may be plenty of room for the rally to continue.
What’s next for Dash Price?
Various technical signals are consistent with optimism. The MACD (Moving Average Convergence Divergence) indicator shows bullish momentum, with the MACD line above the signal line at 4.53 compared to 3.90.
The histogram shows that there are green bars, which indicates increasing buying pressure. Meanwhile, the RSI is close to the overbought mark at 70.97, but not yet in the extreme range that indicates a correction is imminent. The market sentiment indicator is also flashing positive at 0.74, indicating traders’ optimism.
The price move from its September-October low of around $23 to current levels is an impressive 165%, with most of the gains realized over the past few weeks. The sharp vertical fluctuations in October formed the basis for a possible continuation trend. The validity of this breakout is supported by volume analysis, as price movements are usually verified by increased participation.
Looking ahead, technical analysts point out that the next reasonable price targets are $65 and $70. The $65 mark is a psychological round and a former resistance line between the late October rally to $73, and a retest of the high would bring $70. If the bulls prevail and break these levels, Dash may be in a position to test new year-to-date highs, but traders should be wary of taking profits at these critical crossroads.
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