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.
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.
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.
If $DASH #Dash closes the D in green, we’ll form a three white soldiers pattern after a strong down trend; Bullish!
If you wanna be safe wait for the break-out and buy the re-test. Klinger +, VWMA +; I think a reversal is very likely. Expect resistance at VPVR spikes & Fib lvls. pic.twitter.com/gU2lsTxt0z
— CƦYP₮ΘɱΞƦ (@Crypt0mer) January 5, 2020
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.
$DASH 12 hour – Some follow through on the recent volume, now testing key resistance band pic.twitter.com/YsHLZ1EJcy
— Big Cheds (@BigCheds) January 5, 2020
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.
Yes, that’s what we like to see from a support.
A good bounce since this tweet, up 30%.
Divergence being strong here as well.
Showing the signs for $XRP & $ETH? pic.twitter.com/3bShtbhu6D
— Crypto Michaël (@CryptoMichNL) January 5, 2020
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%.
$DASH. No position yet. Looking to buy around the .00606 area. Targeting a 12-15% move. pic.twitter.com/5xCEi3sYGo
— Old Man Clemens (@ItsPoopAgain_) January 4, 2020
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.
Thanks to @Dashpay partnership with @cryptobuyer #Dash payments will be coming to 40 @BurgerKingVE restaurants in #Venezuela in 2020 starting now with 1 location in Caracas. This development is the result of significant demand from $Dash users & local merchants in Venezuela. ?? pic.twitter.com/Fr7NJhMKd0
— Mark Mason (@StayDashy) December 31, 2019
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.
$DASH @Dashpay has started to decouple from @Bitcoin and has seen its price rise 6% in the last couple hours. According to our development activity tracking, its Github submission rate also peaked at a 3-month high shortly before the spike. Check us out! https://t.co/C30goBmiL3 pic.twitter.com/gCqd2TecHW
— Santiment (@santimentfeed) January 4, 2020
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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