DASH crypto rises 57% in a week – Is $80 next?

DASH crypto gained 57%, targeting the $80 resistance as buyers pushed momentum to new highs.
The RSI was overbought at 86.49, suggesting possible corrections despite bullish momentum.

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by DASH’s recent performance. The 57% surge in just seven days is nothing short of impressive, especially considering the current economic climate. However, the overbought RSI reading has me slightly concerned about potential corrections or consolidations.

Over the last week, the value of Dash (DASH) has climbed an impressive 57.11%, raising its current price to $54.40 as we speak.

The rise in this value is associated with a 24-hour trading volume of approximately $588 million, indicating a significant amount of trading and investor attention.

Over the last 24 hours, DASH experienced a minor dip of 4.99%, following its 7-day peak at $57.36.

Over the last seven days, the price of DASH fluctuated between $31.29 and $57.01, marking a breakout following a prolonged phase of sideways movement.

12 million units of DASH in circulation give the digital currency an estimated market capitalization of about 663.7 million dollars, while its fully dilated value (FDV) is roughly 1.035 billion dollars.

Support at $40, resistance near $80

Despite facing challenges, DASH has maintained its position above the $40 support level, providing a solid base that fueled its latest surge in value. In the past, this price range functioned as a holding ground throughout 2023 and most of 2024, often acting as a pause point before further gains.

On the positive side, the price encountered strong opposition at approximately $80, a barrier it couldn’t surpass during mid-2023.

Experts predict there might be a temporary drop or pause in the price ranging from around $60 to $65. This area represents another level of resistance where the price previously grouped together during early 2023.

Observers warned that if the market couldn’t keep moving forward above $60-$65, it might lead to another test at the $40 resistance level.

Overbought conditions persist

The rapid increase in the value of Dash was reinforced by several technical factors, such as it exceeding its 50-day moving average, which stood at $34.66 when the news was released.

The token was trading near its upper Bollinger Band at $50.55, showing strong upward momentum.

At the moment of writing, the Relative Strength Index (RSI) stood at 86.49 for DASH, suggesting that it was overbought. Typically, when the RSI exceeds 70, it may signal an impending price correction or consolidation in the future.

Now, traders are keeping a close eye on momentum indicators for signs of cooling off.

In simpler terms, the Moving Average Convergence Divergence (MACD) indicator showed a positive outlook as the MACD line was noticeably higher than the signal line, and the histogram displayed a value of 3.90. This suggests that the market could potentially continue its upward trend.

This suggests a continued rise in the short term, yet some traders are wary due to potential divergence warnings.

Can DASH break $80?

Over the past 24 hours, the network activity of DASH has increased by 10.24%, as reported by DeFiLlama, with a locked-in value of approximately $340,423.

Read Dash’s [DASH] Price Prediction 2024–2025

The sustained buying interest suggests that the crypto may continue to climb toward the $80 resistance level, provided it overcomes the intermediate challenges at $60-$65.

If bullish momentum continues, breaking through $80 could pave the way for further gains.

2024-12-04 11:36

Support at $40, resistance near $80

Overbought conditions persist

Can DASH break $80?

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