Fork Influencing DASH Coin Prices — Price Rallied by 20%

Dash coin is the fork of Litecoin.
Litecoin witnessed a rally by 80%, due to scheduled halving.
DASH prices rose by 20% in the last 7 days.

Digital Cash or Dash was generated as the fork of Litecoin (LTC) in 2014. From the day of genesis, Dash extended facilities like a two-tier network with incentivized nodes, including “masternodes”. Since it is a fork of LTC, it has always derived influence from LTC activitiesLTC has recently observed a rally by 80%, and in light of the occurrence, DASH rose by 20% in the last 7 days.

LTC rise is speculated to be due to increased adoption and halving process scheduled for Aug 2023. In addition, the rise in DASH is also attributed to the impending mainnet release of Dash Platform, which is due to be launched on the testnet soon. In the mainnet release, there will be a smart contracts virtual machine, inter-blockchain communication, support for NFTs and fungible tokens.

The Picturesque

The DASH prices have seen a surge by 20% in the past 7 days, but due to sideways movement had near to no rise in the intraday session. The volume showed rising buyer interaction and upsloped OBV suggests persisting pressure to be positive. The EMA ribbon lies below the current price action while forming a bullish crossover. Per the previous swings, the current price of $61.66, can rise near $74.00 where it may face resistance.

The CMF moves sideways to reflect persisting bullish momentum in the market. The MACD diverged wide to record ascending buyer bars to reflect improving buyer participation. The RSI stoops to the overbought zone to mirror the buyer pull in the price movement. The current position may suggest a possible price reversal from the current level.

A Closer Window

The 4 hour time frame suggests prices to witness selling pressure as the prices are witnessing a staggered rise. The CMF falls below the baseline to mark the declining bullish trend. The MACD is diverged for the bears as it records seller bars falling in the region below the zero-histogram mark. The RSI shows a descending movement to reflect loosening grip from the buyers.

Conclusion

The Dash ecosystem has shown volatility due to various external factors and a few internal reasons. The DASH might show a bullish trend again near the mainnet launch and target newer highs. The holders to watch for resistance near $74.00.

Technical levels

Support levels: $40.05 and $32.20

Resistance levels: $74.00 and $81.85

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.