Dash is a cryptocurrency that values privacy and is built on Bitcoin’s technology. It aims to be quick, affordable, and offer an easy way to pay for everyday things. It has a network with two levels: miners who secure the network and master nodes who offer additional features. Dash has grown in popularity in Venezuela and supported a blockchain research center at Arizona State University.
As per Coinglass, Dash has $13.82 Million Open Interest and recently showed a decline of -1.96% in the last 24 hours. The 24-hour long versus short ratio is 0.9357. Moreover, the average volume of the Dash coin inclined by 8.01%, and the volume is at $13.43 Million.
This month the coin underperformed as it was down by 14.08%. Also, DASH price was down by 31.68% in the last six months which highlighted poor performance. Moreover, the DASH coin price year-to-date return is negative with a decrease of 21.43% and the 1-year performance is also negative with a 30.88% deterioration of the price.
Dash Price Technical Analysis in 1-D Timeframe
As per the DASH coin price action, the coin price was in a consolidation phase between $41 and $45 for the whole month of May 2023. However, in early June 2023, the DASH price broke the $41 support level and made a sharp decline to $28 in two weeks, losing 35% of its value.
However, the DASH coin price found new support at $28 by June 14th, 2023, and bounced back 40% in a month, forming a bullish trend. Thereafter, the trend was interrupted by a strong resistance zone near $32.53, where the DASH coin price faced rejection and dropped 15% from that level. Moreover, the current coin price is $33.24, which is below all the major EMA’s. This suggests that the DASH crypto coin price may continue to fall in the coming weeks.
At the time of publishing, the DASH coin price (COINBASE: DASH) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average). The EMAs are acting as hurdles rejecting the price trend. Hence, the coin is expected to move downwards giving bearish signals over the daily time frame chart.
According to the Dash price prediction, the MACD line at 0.56 and the signal line at 0.39 are below the zero line and a bearish crossover is observed, suggesting a start of a bearish trend for the DASH coin. The current value of RSI is 40.71 points and the 14 SMA is below the median line at 49.04 points. It seems the DASH price took a rejection from the 14 SMA line. Therefore, Dash price prediction indicates bearishness for the coin price.
Conclusion
The Dash price prediction highlights that the sentiments and perspectives of investors and traders regarding the Dash coin price are bearish in the 1-D time frame. The Dash price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of the Dash price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, flaunt negative signals about the Dash coin price.
Technical Levels:
- The nearest support: $30.21 and $26.55.
- The nearest resistance: $41.08 and $44.26.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/10/dash-price-prediction-2023-dash-loses-15-will-it-fall-further/