DASH surges 45% intraday, how does the market look?

2024-12-02, 08:45

Dash is an open-source cryptocurrency based on Bitcoin technology. Initially launched in 2014 as Xcoin, it was later renamed Darkcoin before being rebranded as Dash in 2015, standing for Digital Cash. Dash aims to provide a fast, low-cost digital payment solution suitable for individuals and merchants globally.
Dash employs the Proof of Work (POW) consensus mechanism, utilizing the unique X11 mining algorithm developed by its founder, Evan Duffield, to enhance energy efficiency. Dash has a total supply cap of 18.9 million coins, with an annual emission reduction rate of 7.14%. The supply is expected to be fully mined around the year 2150. According to Dash’s halving schedule, mining rewards are halved every 210,000 blocks (approximately every four years). The most recent halving occurred on June 23, 2023, reducing the current block reward to 2.3 DASH.
Market Data
According to Gate.io market data, DASH is currently priced at $56.2, with a 24-hour increase of 45.5%, leading the gains among large-cap altcoins. DASH’s current circulating market capitalization stands at $680 million, ranking 132nd in the overall market. Since November, DASH has seen a cumulative increase of over 100%. Previously, during the bull market in December 2017, DASH reached an all-time high of $1,547, and it is currently down 95% from that peak.

Market Overview

Price: $55.95 USDT
24-Hour High: $58.32 USDT
24-Hour Low: $39.17 USDT
24-Hour Increase: 44%
Circulating Supply: 12,001,135 DASH
Market Cap: $690,435,936 USDT
Market Sentiment: The Fear & Greed Index stands at 78, indicating extreme greed.
Support Level: $39.7 USDT
Resistance Level: $61.7 USDT
Trading Strategy Suggestions
Strategy 1: Short-Term Long Position
Direction: Long
Entry Price: $52.50 USDT
Stop Loss: $50 USDT (below the current support level)
Target Price: $61.7 USDT (near the resistance level)
Reasons: The current market sentiment is extremely greedy, often signaling potential short-term price increases. Dash has shown strong performance over the past 24 hours, with gains exceeding 60%, indicating strong buy signals. Entry at the current price with a stop loss below support minimizes risk.
Strategy 2: Mid-Term Short Position
Direction: Short
Entry Price: $58.5 USDT (near the 24-hour high)
Stop Loss: $62 USDT (above the resistance level)
Target Price: $39.7 USDT (support level)
Reasons: Despite extreme greed, prices near resistance levels may face pullbacks. Entering at a high point leverages potential market corrections. Stop loss set above the resistance level limits losses from further price increases.
Outlook
The rally in veteran payment-focused tokens like XRP, which surged over 300% in November, has likely contributed to Dash’s rise. However, Dash remains 95% below its ATH and has not introduced new products or secured notable partnerships recently. The current increase in Dash’s price is likely driven by capital overflow into the POW sector amid the broader crypto market consolidation.
As a payment-focused cryptocurrency, Dash holds clear advantages in fast transactions and privacy protection. However, it faces challenges in eco expansion and competition. If Dash continues to improve its technology, expand use cases, and respond to market demands, it could achieve significant growth in the global digital payment space.

Author: Icing, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions. Investment involves risks and users need to make careful decisions.
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