DASH reversed from ashes to skyrocket 14% up to $ 64, why?

DASH price has risen more than 14% against the USD after a period of deadlock in December.

DASH, a privacy-focused coin, is almost forgotten. One of the oldest altcoins ever fixed in the top 10 dropped to as low as $ 39 in December (-97% compared to the yearly high), making it fall out of the top 20 (currently at 24th). However, it seems DASH is on the right track for a quick recovery.

Dash reverses from the dead

DASH price has risen more than 14% to reach a 24-hour high at $ 64, the highest level since early December, before falling to the current price at $ 51.

Dash price 2

Source: Trading View

It seems that Dash has broken the trend of Bitcoin and has followed its way since January 5. While Bitcoin prices are almost flat, Dash jumped nearly 8% at the time of writing.

Dash price 4

Source: Coinmarketcap

According to trader Crypt0mer, if DASH closes D in green, it will form a pattern of three white soldiers after a strong downtrend, a bullish signal. But to be safe, wait for a breakout and buy at the retest. Klinger and VWMA indicators are both positive, and traders think a reversal will most likely occur.

Dash price has reached a significant support area that is expected to act as a bottom compared to BTC. However, the lack of a trading structure limits the ability to predict the start of the next market cycle.

DASH / BTC has plummeted since reaching a high of 0.029 BTC on April 2, down 80% in value. Although Dash attempted to reverse in early September, prices fell on September 19 and continued negative volatility after that. Many analysts believe that Dash will soon start a new growth cycle.

Currently, DASH seems to be testing its major resistance line on the 12-hour chart based on recent trading volume. The popular trader Big Cheds pointed this out in a chart attached to the latest tweet.

Meanwhile, trader Crypto Michaël has predicted that DASH / BTC will increase by 30%, and now it seems that DASH is on track. There is a substantial bullish divergence here. It is possible that Ethereum and XRP, two altcoins struggling, will follow the lead of DASH with a significant increase.

DASH / BTC trading volume is currently reaching the highest level on Binance (2x), which shows that Dash is raising prices on most of the time frames. It appears that traders are looking to buy around the 0.00606 BTC area and target the move 12-15%.

What causes?

The acceptance of Dash is also increasingly expanding as recently, the fast-food giant Burger King takes advantage of Cryptobuyer’s platform to provide Dash with Bitcoin, Ether, Litecoin, Binance Coin and Tether as a pilot cryptocurrency payment method in Venezuela, starting in Sambil Caracas.

Burger King is aiming to serve all 40 locations nationwide by 2020. This development drives significant demand for Dash from users and local merchants.

This marks another milestone in Dash’s expansion plan, as Venezuela continues to be Dash’s primary target market. Already about 1,000 verified merchants in Venezuela accept Dash at the point of sale.

Besides, according to the development activity tracker, DASH’s Github submission rate reached its highest level in 3 months right before spiking.

Not only that, the Dash network had some positive developments in late December, which could be a positive factor driving prices, including releasing the Dash Platform for Evonet, making changes, and new updates in DashCore, in DashWallet iOS, and DashWallet Android.

All of these positive fundamentals have been fueling Dash’s momentum, but how long will it take before only the answer can be answered.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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