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DASH Price Looking For A Breakout Above Upper Boundary Of Ascending Channel After Successful Bounce: Buy Now?

02/15/2023
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DASH has witnessed a bull market from as early as January 1, soaring 62% year to date as investors showed an increased appetite for the open-source blockchain and cryptocurrency. The network is committed to delivering a fast, affordable, and decentralized global payments network, which explains the growing interest.

The price of the DASH token has been moving within a defined pathway, delivering more gains as bulls and bears gave their best to lead the market. At the time of writing, DASH was trading at $63.31 after gaining 1.71% on the last day. Along with the price surging, the token’s 24-hour trading volume was also up 30% to $143.6 million and a $704.7 million market cap, which was 2% higher than its Monday readings.

Dash Pay Among Most Voted Payments Ranking Projects

Over the years, the continuous growth of cryptocurrencies has birthed hopes that radical cryptocurrencies such as Dash (DASH) will become the future of global payments.

Not long ago, Bitcoin (BTC) emerged as the first cryptocurrency, delivering an alternative investment option. Since then, much has changed as cryptocurrency is considered a legitimate alternative to the global financial systems.

Furthermore, governments are pushing to regularize the cryptocurrency industry and regulate it soon. The developments come as part of efforts to improve global crypto acceptance levels, which makes many wonder what the future holds for global payments.

Among other payment solutions like Ripple (XRP), whose XRP ledger has already been adopted as a solution for global payments by major financial institutions like Santander and American Express, Dash is also a popular choice for organizations, boasting top-tier security and speedy transactions.

Dash touts itself as the future of global payments solutions, perfectly placed as a decentralized crypto whose platform employs a two-tier network, with the second one comprising master nodes that provide fortified security and privacy features to users.

Dash, short for Digital Cash, was developed in 2014 as a fork for the Bitcoin protocol and runs on a unique consensus algorithm dubbed “proof of Service,” a unique mix of Proof of Work (PoW) and Proof of Stake (PoS). Like Ripple, Dash is also popular for its fast and secure transactions that are relatively cheaper.

Among the features that define the Dash payments solutions include PrivateSend and ChainLocks for user transaction protection. The features deliver a relatively faster transaction solution than Bitcoin, with a transaction confirmation time of approximately two minutes.

It is worth mentioning that Dash has a governance system where the proposal and funding of new projects and initiatives are supported. It is already recognized as a form of payment, with businesses across multiple countries already accepting it as a payment option. This explains the strong presence of DASH crypto in the developing world.

DASH Price Looks To Break Above Upper Trendline

Dash price has been trading with a bullish bias since the year began, moving within an ascending parallel channel as bulls and bears did their best to shift the price in their favor.

TradingView explains that such a technical formation can be used as an entry pattern for the continuation of an established trend as part of a trend-following strategy. It is formed when two parallel, sloping lines control the price action of an asset, which tests each line at least twice. It indicates a bullish trend, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs.

After a successful bounce, the DASH price is looking for a breakout above the upper boundary of the ascending chart pattern, a move that would see the price of the open-source cryptocurrency achieve more gains.

At the time of writing, the token was trading at $63.03. If bulls manage to increase their buyer momentum past the channel’s midline, the price could close the day with significant profits for investors. A daily candlestick close above the upper boundary could open the path for the DASH price to target new range highs, with bulls looking to score a 26.21% ascent to $80.

The breakout was feasible considering the trajectory of the DASH price since the year began, moving within a highly bullish chart pattern. The positive outlook was supported by the upward movement of the 50-day Simple Moving Average, which pointed to more bulls coming into the DASH market.

DASH/USD Daily Chart

DASH/USD Daily Chart Feb 14, 2023
TradingView Chart: DASH/USD

The price was looking at strong support downward, first the lower boundary of the technical formation, which held forte since the open-source crypto started moving within the ascending channel. Below that, the simple moving averages (SMAs) also provided support, first due to the 50-day SMA at $52.4, followed by the 100-day SMA at $46.918, and the 200-day SMA at $46.016.

The position of the relative strength index (RSI) at 60 also added credence to the bullish outlook, showing that there was still more room upward because the token was still not overbought. Similarly, the Moving Average Convergence Divergence (MACD) indicator was high up in the positive region above the mean line, suggesting the path with the least resistance was northward. Still on the MACD, the histograms were losing the red touch, indicating that there were not that many bears in the DASH market.

On the downside, if investors got impatient with the consolidation of the DASH price within the technical formation and decided to book profits, the token’s value could drop. Already, a red bar is visible to signify selling activity in the open-source blockchain market.

If selling pressure increases, the price could break below the lower boundary of the chart pattern, opening the floodgates to further losses. If such a narrative pans out, the bulls would have the SMAs as possible congestion points to serve as U-turns to regain control. Failure to take advantage of these levels could see the price lose them as support levels, and the price could sink as low as the $32 support floor.

Notice that both the RSI and MACD indicators were moving flat to show easing activity by both buyers and sellers. This could be interpreted as two opposing parties, each pausing for strength after a stiff battle, or that the buying and selling rate is currently balanced so the odds would tip in favor of the side that resurges first.

DASH Alternatives

While the open-source blockchain and cryptocurrency market participants try to catch their breath, consider the FGHT token, the native coin for the Fight Out ecosystem.

FGHT is currently in the presale stage, which has raised more than $4.15 million, with only around 10 hours to the next stage.

It is worth mentioning that the price will increase once the ten hours elapse, which means now is the time to buy FGHT to enjoy early-investor profits. Also, note that industry pundits say the FGHT token will explode in 2023.

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Source: https://insidebitcoins.com/news/dash-price-looking-for-a-breakout-above-upper-boundary-of-ascending-channel-after-successful-bounce-buy-now