DASH has been in a negative mood since March 11, 2024, falling from $45.95 to a low of $25.24.
The current price of DASH stands at $29, and for now, bears continue to control the price movement. According to the latest on-chain data, the cryptocurrency market has been experiencing a steady decline in high-value transactions over the last few weeks which also has a negative influence on DASH.
Crypto analysts agree that if the price of Bitcoin breaks the $60,000 support level we could see a significant number of liquidations worth billions on the crypto market. Liquidations happen when a trader’s position is automatically closed because they lack the funds to cover their losses.
This situation arises when the market moves unfavorably for the trader, leading to a reduction in their initial margin. But where is the price of DASH going next, and what can we expect from May 2024?
Today, Crypto Lists will discuss DASH price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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DASH is globally adopted as the method of payment
Dash is a decentralized cryptocurrency that was launched in 2014 as a fork of Bitcoin. Originally known as “Darkcoin”, it was later rebranded as Dash, which stands for “Digital Cash.” Dash enables anyone, anywhere in the world, to make instant and cheap payments without going through a central authority. Low fees and instant transactions make Dash the preferred method of payment, while DASH’s limited supply continues to attract investors who believe in its characteristics as a store of value.
Numerous cryptocurrency experts say that Dash addresses two major issues encountered by Bitcoin: transaction speed and privacy concerns. These attributes lead many to foresee a promising future for Dash. It’s crucial to note that Dash transactions are both secure and visible to the entire network in less than 1.5 seconds. Dash offers an optional feature called PrivateSend, which allows users to mix their transactions with others, making it more difficult to trace the origin and destination of funds. This provides users with increased privacy and fungibility.
Another specific feature of Dash is its decentralized governance and funding system. Dash has a treasury system where a portion of the block rewards is allocated to a development fund. Operators who possess a substantial amount of Dash coins have voting privileges to suggest and approve projects for funding from the treasury. This governance approach allows the community to engage directly in shaping the development and future of the Dash ecosystem.
DASH is globally adopted as a viable substitute for credit cards, embraced by businesses of various scales. It circumvents issues related to exchange rates, bank holidays, bureaucracy, and concealed charges. Particularly in regions with technical obstacles to traditional payment systems, DASH enjoys substantial popularity.
Bears continue to control the price movement
The beginning of March 2024 has been very successful for DASH, and the price of this crypto added nearly 50% to its value in the period from March 01 to March 12. Since then, the price of DASH has lost significantly in value, and bears continue to control the price movement. Investors should keep in mind that DASH is a risky investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses.
It is also important to say that the latest on-chain data showed that the cryptocurrency market has been experiencing a steady decline in high-value transactions over the last few weeks which also has a negative influence on DASH. Negative information is that some crypto analysts think that Bitcoin could maintain a downside trajectory in the weeks ahead, and when the price of Bitcoin drops, that usually has a negative influence on the price of DASH and on the rest of the cryptocurrency market.
In the weeks to come, DASH will remain significantly influenced by the general situation in the cryptocurrency market and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to DASH demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Technical analysis for DASH
DASH has weakened from $45.95 to $25.24 since March 11, 2024, and the current price stands at $29. DASH might have a hard time holding above the $25 level in the upcoming weeks, and a break below this level would indicate that DASH could probably test again the price level at $20.
Important support & resistance levels for DASH
The beginning of March 2024 year has been successful for DASH, but the price of DASH has remained under pressure since March 11 and the risk of further decline is still not over. On this chart (the period from December 2023), I marked important support and resistance levels that can help traders understand where the price could move.
DASH remains under pressure, but if the price advances above the resistance that stands at $35, the next target could be $37 or even an important resistance level at $40. The important support level is $25, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $20.
What speaks for the rise in the DASH price
The important reason for DASH’s current price fall is that it has been following the fall of Bitcoin, just like the rest of the cryptocurrency market. The overall sentiment on the cryptocurrency market plays a very important role in DASH’s price trajectory, and if investors regain confidence further, an upside potential could benefit DASH. For the bulls to take again control of price movement, a move above $35 would be beneficial.
What indicates a downfall for DASH
DASH is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. There has been a significant drop in the number of whale transactions for DASH in the last several weeks, indicating that they are losing confidence in the underlying coin’s short-term price prospects.
The downfall of DASH can also be influenced by a wide range of other factors, including market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The price of DASH is currently above $25 support, but a break below this level would indicate that DASH could test the important support level that stands at $20.
What do analysts and experts say?
Despite the minor jump, bears still control the price movement of DASH, and many crypto analysts say that the fact that whales have lost interest in accumulating more DASH indicates that we would continue to see low prices for DASH. Crypto analysts also agree that a slowdown in net inflows on the cryptocurrency market and decreased trading activity are certainly negative factors for DASH that will continue to influence the price of this cryptocurrency in the weeks ahead.
At the same time, the macroeconomic landscape remains uncertain; major central banks are still not done with bringing inflation down to their target, and risk-on assets such as cryptocurrencies could suffer in such conditions. The U.S. central bank is widely seen keeping interest rates above the 5% range for a longer time period, and some analysts are worried that an aggressive Federal Reserve will push the economy into a recession that could dent corporate earnings and stock markets. Stocks aren’t the only assets that could significantly lose their value, and investors should keep in mind that cryptocurrencies could also be in the situation to make an even bigger fall.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
