What you need to know
What is causing the price of Dash to soar?
As ZCash soared above multi-year levels of resistance, buyers may be looking at alternatives.
What is next for DASH
Now is not the time to buy or go long – traders can wait for a pullback toward $70-$78, which they might or might not get. Investors should continue to HODL.
Dash [DASH] Has rallied by 49.7% within the past 24 hour, breaking through the $77.9 level of resistance from early 2023. It was accompanied by a ZCash [ZEC] The rally reached a new high of $449.8 – a record level not seen since last year.
The demand for privacy coin hasn’t slowed down the strong volume of trading over the last five weeks. The demand for privacy coins has not yet slowed down, despite the strong trading volume over the past five weeks. Dash It may have been overextended short-term but it remains strongly bullish.
The privacy narrative is not likely to lose momentum quickly with ZEC tokens and DASH at their multi-year highs. The price of DASH and ZEC tokens were at multi-year highs.
The next Dash moves
TradingView: Source for DASH/USDT
DASH surpassed its January 2023 peak of $79.9 on the chart for one week. In the past, December 2024 revealed that $70 has served as a major resistance. This level has been surpassed.
It would be an indication of strong bullishness if the weekly session closed above $79. If the price drops below that resistance, it could signal doubt or even the start of an inverse trend.
OBV reached new heights as a result of high demand. The next level of resistance was at the swing-high price of $138.8 to the north. Next week, a drop towards $70 could provide a good buying opportunity.
Trade DASH/USDT at TradingView
On the chart of 4 hours, the RSI showed extreme conditions of overbought. The chart also showed strong recent buying pressure. Demand was highest at $60, and then $72-78.
Trading can be done by waiting for the pullback in these markets. But they must be mindful that a drop in price is not guaranteed.
Source: Coinalyze
Rising Open Interest (OI) and Spot CVD indicated an increase in demand on both the derivatives and spot markets. A number of traders tried to get in at the top by taking short positions. As evidenced by the declining Long/Short accounts ratio.
CoinGlass showed that in the last 24 hours, $3.38 millions worth of short positions had been liquidated. This was a huge increase over the $1.6m long-term liquidations.
This showed the dangers of counter-trading the dominant trend or narrative. In general, traders are better off waiting for a correction. Long-term traders need to do nothing but HODL.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or trading advice.
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Source: ambcrypto.com
