Dash Breaks Free With 30% Single-Day Surge Amid Explosive Volume Spike

• Dash price surges nearly 30%, with trading volume up 141%, signalling strong market demand.

• Dash trades above its 50-day and 200-day EMAs, confirming bullish technical strength.

Dash has become one of the most notable performers within the cryptocurrency market, drawing great interest due to its rocket ship price movement in the last 24 hours. As per the CoinMarketCap data, the digital asset has soared almost 30%, and the daily trading volume has increased by a remarkable 141%, indicating high institutional and retail demand for the token.

The daily chart indicates a strong technical image that contributes to the further bullish trend. At its current price of $60.99, Dash has clearly been trading above its 50-day exponential moving average of $38.24 as well as its 200-day exponential moving average of $28.78. 

Moreover, the golden cross structure also supports bullish momentum. In this structure, shorter-term moving averages trade higher than longer-term moving averages, which is commonly regarded as a bullish indicator that is frequently followed by long-lasting uptrends. The price movement indicates that Dash has not only broken these key resistance levels, but has also put them as possible support levels, indicating that the rally could potentially have some good room to run.

What Next For Dash Price?

Various technical signals are in line with the optimistic view. The MACD (Moving Average Convergence Divergence) indicator shows the bullish momentum, whereby the MACD line is above the signal line at 4.53 as compared to 3.90. 

The histogram indicates that there are bars of green, which are a sign of increasing buying pressure. In the meantime, the RSI stands at 70.97, which is close to the overbought mark, but not yet in the extreme range, which would indicate a correction is imminent. The market sentiment indicators are also flashing positive at 0.74, which indicates optimistic positioning of the traders.

The movements out of the September-October lows of about $23 to the present levels are an impressive 165% move, with the majority of the gains being realized in the past few weeks. The steep vertical action in October formed the basis of the possible continuation trend. The validity of this breakout is supported by volume analysis because price movements are normally validated by increased participation.

In the future, the technical analysts have pointed out that the next rational price targets are $65 and $70. The $65 mark is a psychological round and former resistance between the late October spike up to $73, and a retest of the highs would be at $70. When bulls are in charge and these levels are violated, then Dash may be in a position to test its year-to-date highs, but traders must be on the lookout for profit-taking at these key crossroads.

Highlighted Crypto News Today: 

Virtuals Protocol Emerges as Top Crypto Performer with 35% Daily Gain