For quite a long time, Dash (DASH) was considered as an underperforming cryptocurrency that made a U-turn after a more than impressive bull rally from $40 to $133 during the short-lived altseason which preceded the market crash that was like a dagger in traders’ hope for the continuation of an uptrend.
In the middle of March, when all markets had been flying into the abyss, DASH made its way back to the $40 region, which must have been a tragedy for reluctant traders but also an opportunity for those who were outside the market, only monitoring it. The said opportunity presented itself in the form of a double bottom formation that began to emerge on the weekly time frame.
1-week DASH/USDT chart
But let’s not jump the gun here, because that pattern is still far away from being positively confirmed. In order to do that, the price must make an uphill journey from the present level at $98 to $141, the final support line of the previous bull rally. Only then would we begin considering a major breakout and the initiation of a secondary uptrend. Until that happens, Dash has to overcome two major barriers.
However, there are several factors that point to the probability of a more intense bullish price action over the next six to ten weeks. Firstly, the Dash community is awaiting a major system upgrade, as per the official press release of the Dash Core Group. The next interim upgrade is due to happen at the tail end of August, whereas the launch of a new Dash testnet is expected at the closure of the year. Given how strongly other altcoins that introduced significant upgrades - Cardano (ADA) and Elrond (ERD) - rallied over the past couple of months, the news coming from the team could offer the coin the much-needed upside potential.
Secondly, DASH is making significant progress in its key market, which is Latin America. In one of the latest instances, Dash announced that it would be issuing the first cryptocurrency Visa debit card in this region, in partnership with the Mexican exchange platform Tauros. Latin America, especially Venezuela, Argentina, and other countries that are in the state of permanent economic crisis, provides a fertile ground for cryptocurrency adoption as people are looking for an alternative to their failed national currencies.
Right now, both Stochastic and RSI are clearly bullish while remaining in the neutral zone, which hints that DASH has a lot of upside fuel. We await the break of $105 to the upside with confirmation as the growing hype around the system upgrade will add more energy to the buyers.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 64.8% | 76 | $65 930.92 | -2.51% | -9.00% | $1 296 073 264 884 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 64.8% | 68 | $3 387.67 | -5.99% | -16.63% | $406 787 518 082 | ||
3 | USDT | Tether predictions | 92.8% | 1 | $1.000041 | 0.07% | -0.03% | $103 419 383 969 | ||
4 | SOL | Solana predictions | 65.2% | 79 | $188.63 | -4.80% | 27.03% | $83 731 298 143 | ||
5 | BNB | Binance Coin predictions | 59.6% | 90 | $531.44 | -4.90% | 1.13% | $79 470 164 152 | ||
6 | XRP | XRP predictions | 72% | 59 | $0.619242 | 1.17% | -12.89% | $33 934 600 671 | ||
7 | USDC | USD Coin predictions | 96% | 2 | $1.000109 | 0% | 0.02% | $31 194 683 799 | ||
8 | ADA | Cardano predictions | 64.4% | 76 | $0.631243 | -5.71% | -17.51% | $22 449 582 103 | ||
9 | AVAX | Avalanche predictions | 64.4% | 73 | $58.22 | 1.55% | 19.07% | $21 967 462 991 | ||
10 | DOGE | Dogecoin predictions | 56.8% | 89 | $0.136495 | -9.92% | -23.13% | $19 590 298 364 | ||
11 | SHIB | SHIBA INU predictions | 58.4% | 94 | $0.000026 | -11.03% | -23.50% | $15 132 499 814 | ||
12 | DOT | Polkadot predictions | 58.4% | 87 | $9.39 | -5.99% | -14.16% | $13 361 835 566 | ||
13 | TON | Toncoin predictions | 68.8% | 69 | $3.70 | -3.08% | 9.26% | $12 835 787 556 | ||
14 | WTRX | Wrapped TRON predictions | 86.4% | 21 | $0.123683 | -1.69% | -7.39% | $10 863 191 541 | ||
15 | TRX | TRON predictions | 85.2% | 19 | $0.123442 | -1.99% | -7.90% | $10 842 017 436 |
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