DASH has been in a negative mood since September 28, 2024, falling from $26.74 to a low of $21.06.
The current price of DASH stands at $22, and for now, bears continue to control the price movement. But where is the price of DASH going next, and what can we expect from November 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.
Adopted worldwide as a payment method
Dash is a decentralized blockchain 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.
Many cryptocurrency experts believe Dash tackles two major issues that Bitcoin faces: slow transaction speeds and privacy concerns. Thanks to its design, Dash offers secure transactions that are confirmed across the network in under 1.5 seconds. It also includes an optional feature called PrivateSend, allowing users to mix their transactions with others, which makes tracking the origin and destination of funds more difficult. This added privacy and fungibility have led many to see a promising future for Dash.
A unique feature of Dash is its decentralized governance and funding system. Dash uses a treasury model where a portion of block rewards goes into a development fund. Dash holders with a significant stake can vote on and approve projects for funding from this treasury, giving the community a direct role in shaping the network’s growth and direction. This approach allows Dash users to collectively influence the project’s future and foster ongoing innovation.
DASH is gaining traction worldwide as a practical alternative to credit cards, embraced by businesses of all sizes. It sidesteps challenges like exchange rate fluctuations, bank holidays, bureaucracy, and hidden fees. DASH has become especially popular in areas where traditional payment systems face technical barriers, offering a reliable and accessible solution.
The new privacy features for its mobile wallet
Dash is consistently developing new features, and in the first week of October 2024, it announced enhanced privacy features for its mobile wallet, initially rolling out for Android users. The update focuses on boosting the security and privacy of transactions made with the Dash Mobile Wallet. Alongside this, Dash announced the upcoming addition of usernames to the mobile wallet, a feature designed to enhance both user experience and functionality.
The beginning of September 2024 has been very successful for DASH, and the price of this crypto added nearly 20% to its value in the period from September 01 to September 28. 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.
Negative information is that DASH has been experiencing a steady decline in high-value transactions over the last few weeks which certainly influenced the price of this cryptocurrency. In the weeks to come, DASH will also remain significantly influenced by the general situation in the cryptocurrency market. While positive shifts could drive substantial price gains, investors should also remain mindful of the inherent risks these developments bring.
Technical analysis for DASH
DASH has weakened from $26.74 to $21.06 since September 28, 2024, and the current price stands at $22. DASH might have a hard time holding above the $21 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 September 2024 year has been successful for DASH, but the price of DASH has remained under pressure since September 28 and the risk of further decline is still not over. On this chart (the period from January 2024), 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 $25, the next target could be $27 or even an important resistance level at $30. The important support level is $20, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $18.
What speaks for the rise in the DASH price
DASH has a strong presence in regions where traditional banking services are limited, particularly in Latin America. As DASH continues to partner with businesses and financial platforms, its utility as a payment method could drive up demand and, consequently, its price.
Analysts and traders often closely watch the activity of crypto whales because the behavior of crypto whales can influence market sentiment and an increase in the number of big transactions for DASH is something that could drive the price higher. When a whale makes a substantial buy, it can be seen as a bullish sign, potentially attracting more buyers. For the bulls to take control of price movement, a move above $25 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.
What do analysts and experts say?
After hitting price levels above $26 on September 28, 2024, DASH has encountered significant losses. The risk of further decline is still not over and in the weeks ahead, the price of DASH could continue to be under selling pressure. Many crypto analysts agree that DASH is considered a risky investment for several reasons, despite its potential. Like most cryptocurrencies, DASH is highly volatile and its value can fluctuate dramatically in short periods, making it a risky investment for those who cannot handle such swings.
Price movements are often influenced by market speculation, macroeconomic factors, and news cycles. However, crypto analysts widely agree that DASH has carved out a solid presence in regions with limited access to traditional banking, especially in Latin America. With ongoing partnerships with local businesses and financial platforms, DASH’s role as a practical payment option is expanding, which could boost demand and, in turn, drive up its price.
