Dash (DASH/USD) returns 20% in a day. Has the cryptocurrency turned bullish?
Privacy-focused cryptocurrency Dash (DASH/USD) saw increased buyer interest on Wednesday. As cryptocurrencies turned up, the token’s value increased by 20%, one of the strongest. DASH was riding on the positive sentiment, pushing above the $40 resistance.
Dash offers an open-source platform for cheap and fast financial transactions in a decentralised ecosystem. However, unlike other cryptocurrencies, Dash offers an additional layer of privacy for transactions. Native token DASH surpassed an all-time high of $460 in 2021. The strong gains highlighted investors’ speculations on tokens of platforms that offered greater anonymity in crypto. However, as the crypto winter ravaged this year, DASH has gone underwater. Recent intrigues also involve pressure from regulators against privacy-focused protocols.
About a week ago, reports emerged that the European Union was creating an anti-money laundering proposal. The new rules prohibit crypto firms and lenders from allowing privacy coins, DASH, Monero, and Zcash. That follows another legislation earlier in the year in which officials worked to restrict transactions with non-hosted wallets.
It remains to be seen what the future of privacy coins like DASH will look like. It still makes sense to bet on the token as opportunities emerge. But should you be ready to buy DASH now?
DASH breaks above $40 amid intraday gains
DASH/USD Chart by TradingView
Technically, DASH trades at a monthly high of $42. The MACD indicator has initiated a bullish crossover but remains in a bear zone.
DASH’s short-term momentum is bullish, although the longer-term trend is bearish. A breakout candlestick can be seen towering above the $40 support.
What next for DASH?
A successful breakout will be confirmed by how the daily candlestick closes. If the candlestick closes above the support, $40 will become a new support and set DASH for further gains. Buyers will target $47 next or higher, depending on the prevailing crypto sentiment and momentum.
On the contrary, the daily candlestick closing below $40 would leave a bearish pin bar. This is a less likely scenario, given the strong breakout by DASH at the key level. The bear scenario would leave the DASH price vulnerable to $35.
Where to buy DASH
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Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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