Dash (DASH) Looks Like A Strong Buy As It Looks North
Dash (DASH) leads with -9 percent among top 20, a day after it surprised with a massive gain amid struggles by other coins.
At the moment, the market is trending in the red over the daily charts as this week’s gainers correct lower.
We had seen many of the coins trade higher this week. However, most of the digital assets are trading sideways. It appears the market is likely to turn bearish if prices continue to trend lower.
Dash (DASH) prices experienced a jump of over 5 percent on July 20, to hit a recent high of $281 as recorded on XBT.net.
The sharp rise followed a steady upside bounce beginning July 14 when it traded at $216 against the US dollar. A slight lull in upwards momentum was witnessed on July 19, dropping from about $270 to $257 against the dollar.
Dash raced to the top of leading gainers among the top 20 cryptocurrencies. However, its prices soon saw a downtrend.
The coin has now dropped over 9 percent in the last 24 hours. It currently is trending about 11 percent in the green over the last 7 days.
Even though the 14th ranked crypto has slipped into bear territory on the daily chart, it remains capable of more upsides bearing in mind possible market uptrends over the weekend.
Year to date charts
It may look as if recent gains have been eroded by today’s decline in DASH prices. The current perspective changes when considered alongside the coin’s year-to-date charts.
The YTD charts are flattering out and forming a small uptrend.
Current prices are similar to those recorded last September; just before the coin went on to reach an all-time high price of $1,536 on December 21, 2017.
It appears a reversal will see the coin’s price pick a bullish pattern that will rely on the support above $270.
Higher than this, near-term gains may be capped at $300, which is the immediate supply zone.
At the moment, DASH/USD is facing expected to sell pressure occasioned by the struggles being experienced by the broader altcoin market. A strong performance during the European trading session is likely to prevent a drop below $241.
If it holds momentum above the latest prices, it could mean the coin retains the potential for upsides to back up the year-to-date charts.
Currently, DASH/USD is exchanging hands at just above $245. Its price pattern has fluctuated between $236.11 and $249.23.
Volume has spiked in past month
Trading volume for Dash has spiked since late June. That surge in volume sees it rank 9th on CoinMarketCap in terms of monthly volume rankings.
On June 23, DASH had a total of just $55 million of its coins traded in 24 hours. However, that figure rose sharply the following day to see it reach $107 million.
By July 4, a total of $233 million worth of the crypto was exchanged. On July 20, intraday volumes reached $194 million.
It means the daily trading volumes have increased and maintained, averaging about $170 million. It’s coinciding with a bullish flag pattern that could see a huge rally soon.
The average trading volume in the last 24 hours is $161 million. The market valuation stands at $2.01 billion.
What drives Dash prices?
Like most other cryptocurrencies, Dash (DASH) is very much dependent on the general market sentiment that may be prevailing at a particular time.
Top of the list of crypto factors is the trending prices of top coin Bitcoin (BTC).
Bitcoin is the largest cryptocurrency and any price fluctuations it experiences end up affecting other coins, DASH included.
That may explain the latest dip, which comes at a time BTC also experienced a slight downtrend.
However, there might be something else that will eventually see DASH prices skyrocket as expected.
It’s related to its scalability with high and faster transaction speeds. Other factors are its unique anonymity and governance structure.
Mainstream adoption and partnerships
Mainstream adoption is also a very key factor that is driving interest in DASH, aiding the price.
Dash is set to benefit from its partnership with CoinFlip, a development that will see Dash coin added to CoinFlip ATMs. In a move that will greatly aid in mass adoption, CoinFlip recently added over 80 new ATMs.
The machines are compatible with DASH making it enhance the coin’s point-of-sale initiatives.
It expands DASH’s reach, bringing the total of such ATMs to 418. It’s still just a fraction of the more than 3k Bitcoin ATMs, but it’s moving towards more exposure and use
More transactions than Bitcoin (BTC)
More institutions and vendors are accepting the coin as payment.
To illustrate that it could be ready for even more in terms of adoption, the Dash network was said to have processed double the volume of transactions handled by Bitcoin on July 19.
The developer team carried out a Stress test, which revealed the privacy coin, handled over 464k transactions compared to over 238k by Bitcoin.
The on-chain transactions didn’t turn up any issues, with fees staying relatively the same.
The current pullback for Dash may be short-term and thus the probability we see the bullish rally remains high.
The weekend will be very crucial in helping the coin achieve that, mainly if Bitcoin picks an uptrend that takes it past $8k.