Share this article
Down, Not Out? Dash Price Likely to Defend $600
Dash traded over an impressive range Thursday, hitting new highs above $800 before dropping back to around $600.
Updated Sep 13, 2021, 7:13 a.m. Published Nov 30, 2017, 3:45 p.m.
Make us preferred on Google
Dash is shedding gains at press time, but looks set to defend $600 levels.
As per CoinMarketCap, the world's fifth largest cryptocurrency by market capitalization is trading at roughly $685 – down 9.3 percent on the day – after rising to an all-time high of $826.95 at 09:59 UTC.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Also notable is that trading volumes have hit a record high of $4.84 billion, suggesting the rally might be here to stay.
A look at the individual markets shows that the rally is being fueled by Korean desks. Trading volume in DASH/KRW pair offered by Bithumb, one of the largest exchanges in South Korea, has gone up 30 percent in the last 24 hours.
One reason may be the asset's positioning in the news, with groups associated with the protocol announcing earlier this week they would partner to help solve Zimbabwe's economic crisis.
But whatever the reason, price chart analysis also favors further upside, albeit after a healthy technical correction to $600 levels.
4-hour chart
The above chart shows:
- A bearish price-relative strength index (RSI) divergence.
- 50-MA, 100-MA, and 200-MA are sloping upwards and positioned one below the other in favor of the bulls.
- The rising trendline (blue line) could offer support at $583 levels.
Daily chart
On the chart above:
- 5-MA and 10-MA are curled upwards in favor of the bulls.
- The RSI is overbought.
- Two consecutive candles with higher shadows (big gap between the close and intra-day high) indicate bull market exhaustion.
- Prices are struggling to hold gains above $696 (161.8% Fib extension).
View
Dash could drop to $600-$580 levels, courtesy of the bull market exhaustion on the daily chart and the bearish price RSI divergence on the 4-hour chart.
The base appears to have shifted higher to $600 levels – i.e. dips below $600-$580 could be short-lived as indicated by a pattern of higher lows (rising trend line on the 4-hour chart) and upward sloping moving averages.
Trampoline image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Gold in 'extreme greed' sentiment as it adds entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
What to know:
- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
- Sentiment gauges such as JM Bullion’s Gold Fear & Greed Index are signaling extreme bullishness in precious metals, even as similar crypto indicators remain stuck in fear.
- Bitcoin is lagging despite the “hard assets” narrative, trading like a high-beta risk asset while investors seeking a store of value are favoring physical gold and silver over digital tokens.
Top Stories
