Dash Price Surges 10% In A Single Week; Is A Bullish Momentum Forming?

Opeyemi Sule

Last Updated: June 11, 2024 2:37 pm

2 mins read

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Digital Cash, popularly known as DASH, has been on a remarkable spring, reaching today’s top gainers. The cryptocurrency is on a good streak, with its value jumping by 5% in the past 24 hours.

Dash Surges Over 10% In A Single Week – Price Overview

The price of DASH soared by more than 10% in the past week. As of this writing, the token is valued at $32.08, gaining over 5% in the past 24 hours, per CoinGecko data. Meanwhile, it boasts a daily trading volume of nearly $45 million.

However, a broader look at the market shows that the price of DASH has barely made it out of consolidation in the past 10 days. This is following the almost-vertical price dip earlier this month, which saw the token lose nearly 26% of its value.

DASH, a scalable payment network, has had a mixed first half of the year. On the 28th of February, the cryptocurrency’s price reached a crest of $74.26. The token has been on a downtrend since March, recording a 56.8% price decline.

Although the current price rally of DASH is a bit encouraging, it would take an extraordinary run for the token to return to its peak from earlier this year.

Is Bullish Momentum Building for Dash?

As DASH continues gaining momentum and captivates the crypto community’s attention, many investors wonder if the token could attain the heights reached earlier this year.

Based on DASH’s 24-hour chart, RSI (Relative Strength Index) has just crossed above 36, indicating that a bullish run may be on the horizon. Meanwhile, the token’s Moving average convergence/divergence (MACD) has just crossed above the signal line below the baseline, indicating a strong bullish signal.

DASHUSD trading at $31.73 | Source: DASHUSD chart from TradingView

According to the price prediction site, Coincodex, the current investor sentiment surrounding the DASH token remains bearish, with a neutral Fear & Greed Index of 49.

Coincodex predicts DASH to plummet by 6.53% in the next five days, falling to $29.69. However, they project the token to make a recovery trading as high as $35.12 later in one month.

Notwithstanding, investors are advised to approach the market cautiously, having done their due diligence.

Featured image from MEXC Global, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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