Dash price analysis: DASH/USD jumps by 6% in a matter of hours

DASH, now the 22nd largest digital asset with the current market value of $500 million has gained over 6% since the beginning of Friday and became of the best-performing major altcoins. At the time of writing, DASH/USD is changing hands at $54.29, off the intraday low registered at $49.64.

As the fundamental reasons behind the growth are not readily available, the movement looks like a pump or a technical play. DASH hit the recent high at $57.55 on January 6 and has been losing ground ever since. However, the coin has started growing sharply ahead of the US opening on Friday and gained over 6% in less than two hours. 

The upside momentum started fading away on approach to $55.00, which means that the pump may be short-lived.

DASH/USD: technical picture

The initial support is created by a combination of SMA100 1-hour and the upper line of 1-hour Bollinger Band at $53.45. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $53.00 reinforced by the middle line of 4-hour Bollinger Band. A sustainable move below this barrier will bring $50.00 back into focus.

On the upside, $55.00 is the first barrier to be taken out on the way to the North. Once it happens, the price may grow towards $57.00 and January 6 high at $57.55.

DASH/USD 1-hour chart