The past month of Dash Coin Price action has mostly mirrored the trend of the entire industry, following the November 8 and 9 crypto crash that was triggered by the collapse of the FTX.
However, for more than a week now, Dash Coin’s price has grown more bullish compared to other major cryptos, such as Bitcoin and Ethereum, which have mostly traded in a sideways market. This has seen its price surge by over 30 per cent since November 21, with the past two trading sessions recording a price surge of over 10 per cent.
The latest Dash Coin recovery may be due to a number of reasons, among them being the returning investors who went into a sell-off mode three weeks ago when it looked imminent that the crypto industry would collapse due to the FTX exchange filing for bankruptcy.
Fast forward to today, these investors are returning to the markets hoping to catch the price bottom and ride the next bullish trend. This is evident in trading volume data which indicates a sharp drop between November 10 and 15, and the past week seeing consistent growth in the amount of transactions carried out using Dash Coin.
As seen from the above fundamental analysis, Dash Coin’s bullish trend is looking likely to continue as more investors start returning to the crypto space. This is supported by the technical analysis below, which shows Dash trading in an aggressive bullish trend for more than a week and forming higher highs after every retracement.
Therefore, in the next few trading sessions, I expect to see the current bullish trend continuing. There is a high likelihood that we might see it trading above the $47 resistance level in the coming session and possibly going as high as to trade above the $50 psychological level. However, a drop below the $40 price level will invalidate my bullish analysis.
This post was last modified on Dec 01, 2022, 12:57 GMT 12:57