• Dash is one of best-performing altcoins out of top-20.
  • There are several factors behind Dash stellar performance.

DASH has just had another stellar day. The coin hit $136.51, which is the highest level since July 2019. Despite the retreat towards $121.50 by press time, the coin is still nearly 36% higher since the beginning of the day.  The coin now takes 12th place in the global cryptocurrency market rating with a market value of over $1 billion.

What's going on with DASH

The spectacular growth triggered a lot of speculations. Traders, investors and cryptocurrency experts try to figure out the factors that might have served as a trigger for such an eye-watering price momentum. 

FXStreet reported recently, that Internet outages in Venezuela support DASH adoption in the crisis-stricken country as it can be sent and received via SMS service. However, it is not the only possible reason behind the growth.

Twitter users discuss Dash Evolution rollout that has brought some notable changes to the ecosystem.

Terry Langston noted:

Dash Evolution rolled out huge (3 yrs in development) Name-based transactions that r private/secure. Dash DAPI platform & Dash Decentralized Storage utilizes leverages Dash decentralized PoService & PoW infrastructure (game changer). Dash Investment Foundation New Board member.

Apart from that, he mentioned 51% attack innovation that was being adopted by large exchanges.

DASH/USD: technical picture

From the technical point of view, DASH is deeply overbought on all timeframes. It means that the coin is vulnerable to a correction, though it is not guaranteed considering a wild speculative market. The initial support is created by a psychological $100.00. Once it is broken, the correction may continue towards $80.50 reinforced by SMA200 daily. This area is likely to slow down the bears; however, a sustainable move lower will open up the way towards SMA100 daily at $59.60.

On the upside, DASH may retest the recent high of $136.50. The next resistance comes at $186.50, which is the recovery high of 2019. 

DASH/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin breaking out of big bearish pennant

BTC/USD is currently trading at $8,650 (-1.50%) in the afternoon in U.S. hours, price action breaking out to the downside. ETH/USD is currently trading at $167.95 (+0.10%), as the price continues to move within consolidation mode. 

More Cryptocurrencies News

Litecoin Market Overview: LTC/USD range tightens pre-breakout

Litecoin, just like many other cryptocurrencies is dealing with a sell-off that started earlier this week. The rally on Sunday last week reclaimed support above $60. However, the momentum ran out of steam short ...

More Litecoin News

IOTA/USD deals with a devastating 6% plunge

IOTA has been dealing with choppy markets the entire week. Consolidation commenced following the failure to break the resistance at $0.255. The resistance has been impenetrable even though it has been tested on several accounts. 

More IOTA News

Bitcoin Gold Price Analysis: BTG/USD falls below the $10.50 level

BTG/USD is on course of charting a third straight bearish day. So far this Thursday, BTG/USD fell from $10.75 to $10.37, falling below the $10.50 level, in the process. This three-day downward spiral got triggered ...

More Bitcoin Gold


Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast