Dash Price Analysis: DASH/USD stays strong ahead of halving

DASH is supported by the upcoming halving and growing demand.
DASH/USD bulls need to push the price above DMA200.

Tanya Abrosimova Independent Analyst

Dash is the growth leader of top-20 coins. Now the 19th largest digital asset with the current market value of $553 million has gained over 23% in recent 24 hours, while its average daily trading volume catapulted to nearly $1 billion. At the time of writing, DASH/USD is changing hands at $59.68, off the recent high hit at $62.86.

Halving and other fundamentals

DASH is moving fast towards its regular halving. The coin's miners' rewards are programmed to reduce by 7% each year, thus the nearest reduction will take place on April 27. While the price growth is quite typical ahead of halving, the coin might have also received support from the increased demand in Venezuela. Dash is one of the most popular coins in the ailing economy as people often seek to use it instead of rapidly devaluing Bolivar.

DASH/USD: Technical picture

DASH bottomed at $33.18 on March 13 amid global sell-off on the cryptocurrency market. Since that time the coin nearly doubled its value, while its technical picture improved significantly. However, from the long-term perspective, the coin still needs to recover above SMA200 ($76.46) daily to reverse the trend. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA50 daily ($95.00) and psychological $100.00.

On the downside, a failure to stay above $50.00 will increase the downside pressure and push the price back towards the local support of $40.00 followed by the recent low of $33.13.