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The digital cash, popularly known as DASH, has been on a remarkable spring, reaching today’s top gainers. The cryptocurrency is on a good streak, with its value increasing by 5% in the last 24 hours.
Dash is up more than 10% in a week – Price Overview
DASH price increased by more than 10% in the last week. As of this writing, the coin is valued at $32.08, up more than 5% over the past 24 hours. coingeco data, Meanwhile, it has a daily trading volume of around $45 million.
However, a broader look at the market shows that DASH price has barely broken out of consolidation over the past 10 days. This follows a nearly vertical price drop earlier this month that saw the coin lose around 26% of its value.
The first half of the year has been mixed for DASH, a scalable payments network. On February 28, the price of the cryptocurrency reached a peak of $74.26. The token has been on a downtrend since March, registering a 56.8% price drop.
While DASH’s current price rally is somewhat encouraging, the coin will have to make an extraordinary run to return to its peak from the beginning of the year.
Is Bullish Momentum Building for Dash?
As DASH continues to gain momentum and attract attention from the crypto community, many investors wonder whether the token can recapture the heights it hit earlier this year.
Based on the 24-hour chart of DASH, the RSI (Relative Strength Index) has just crossed above 36, indicating that a bullish phase may be on the horizon. Meanwhile, the moving average convergence/divergence (MACD) of the token has passed just above the signal line below the baseline, indicating a strong bullish momentum.
DASHUSD trading at $31.73 | Source: DASHUSD chart from TradingView
According to the price prediction site, Coincodex, the current investor sentiment surrounding the DASH token remains bearish with a neutral Fear and Greed Index of 49.
Coincodex predicts that DASH will fall by 6.53% to $29.69 in the next five days. However, they anticipate the coin to make a recovery trading at a higher level of $35.12 later in the month.
Despite this, investors are advised to approach the market with caution after conducting their due diligence.
Featured image from MEXC Global, chart from TradingView
