Dash was originally named Darkcoin as it intended to add more privacy and stability to Bitcoin’s source code. Some even consider Dash as the synonym for Digital Cash. Dash was developed after the creation of Litecoin as a fork, which has now grown to add new features such as Instasend, Privatesend, and Chain Locks.
Each of the features allows a different level of pre-designed privacy. The naming fiasco for Dash has lasted over a year, with names such as X coin and Dark coin being the predecessor of the currently popular Dash.
With a market position of 70th spot, Dash currently has a value of above $500 million with a mere 58% circulation of total token supply. The current market movement has seen too much volatility. Dash aspires to become the most trusted, user-friendly, and scalable cryptocurrency.
Dash Price Analysis
Dash token has reached new heights with its sudden gain of 50% from an ultimately low value. Buying on dip strategy has highlighted the high potential for Dash in the coming months. With the token surpassing the 100 EMA curve at $43, the 200 EMA curve has shifted toward $54, creating an upside potential of 18% in the short run.
Dash token has gained a decent market, and that too with strong buying volumes pushing the RSI to near overbought zones. The MACD indicator, at the same time, has reached positive territory, which showcases the strongest cryptocurrency movement in recent weeks. The transaction volumes for Dash have remained the same, with an immediate resistance of $46 being the latest challenge to sustain.
The stronger resistance would follow to the top of the $67 level creating a 40% uptrend possibility in case of an uptrend. The positive movement possibilities have been highlighted with the technical indicator, moving average performance, and the buying spree volumes.
RSI reaching overbought zones during a drought season in the crypto market is a hugely positive indicator. Breaching the 200 EMA curve would confirm the trend possibilities at Dash and create a huge opportunity for making high profits.
On weekly charts, Dash showcases a new rising pattern in the last four weeks that highlights a disruptive pattern over the negative trend established in previous weeks. The immediate resistance based on the parallel channel and regression trend has been $44, which was easily breached in the previous week.
As the current weekly candle creates a shadow and keeps distance from the immediate resistance level, we are expected to continue moving upwards till $56. The onslaught of moving average and RSI has brought the sentiment a notch higher to the 45 level. MACD during this phase has remained under severe flak, with support of $31 being the only thing on the buyer’s thoughts.