Dash price has been in an uptrend recently. The privacy-focused coin has jumped by 13% in the past 24 hours and by more than 90% in the past seven days. This brings its total market cap to more than $2.9 billion. Other privacy-focused coins like Monero and ZCash have also rallied by 5% and 2%, respectively.
Dash has been in a strong trend in the past few months. The currency has jumped by more than 778% since March last year when it dropped to $34. Today, it is trading at $300. This performance has been mostly because of the rising demand for privacy-focused coins that guarantee privacy.
Also, Dash has become widely accepted worldwide. It is now accepted in more than 5,000 merchants and in the third quarter, its transactions totaled more than $0.64 billion.
Further, the performance of Dash has also been because of the overall performance of other cryptocurrencies. Today, Bitcoin soared to $52,000 while Ethereum is approaching $2,000. The total market cap of cryptos has jumped to more than $1.5 trillion.
Turning to the hourly chart, we see that the price of Dash has been on a steady upward trend. Today, it is attempting to move above $300, where it struggled to move above on February 13. The price seems to have been forming a variant of the cup and handle pattern.
Therefore, in my view, while a pullback is likely, the currency will likely remain in a bullish trend for now. In fact, we should not rule out a rally to $400 in the near term. On the flip side, a drop below $235 will invalidate this trend.
