Dash is a fork of Litecoin, which itself is a fork of Bitcoin. Dash’s name comes from the two phases, ‘Digital’ and ‘Cash.’ It aims to be a better version of both Litecoin and Bitcoin. There are many other privacy-centric cryptocurrencies, but features like Masternodes, PrivateSend, and InstantSend make it one of the popular options for users. In this uncertain time, DASH is performing better than many other altcoins.
While writing this analysis, DASH/USD trades around a short-term resistance of $48. Overall, the price chart is in an uptrend with positive MACD and RSI; the candles are forming in the upper Bollinger Band. In the next few days, it may retrace to the level of $45, but the DASH price has been forming higher highs and higher lows; the momentum will continue until the strong short-term resistance of $60. If you missed the previous opportunity, it is the right time to invest in DASH with an initial target of $60 for the next three months.
The DASH price might consolidate between $48 and $40, which will provide you with a better opportunity to invest at a lower price with a mid-term target of $60. Based on Dash price predictions, it will cross $48 in the next week, so $60 will be a crucial level for the long term; if it breaks and sustains over this level, it can be long-term bullish, but we have to analyze the weekly chart to get more details about the long-term view.
This week the candle is forming in the upper Bollinger Band after eight months, which suggests an uptrend even for the long term, but overall, candlesticks have been forming lower highs and lower lows, which do not confirm the trend. Bollinger Band lacks volatility, MACD and RSI are neutral- all these technical indicators suggest consolidation in the next few months. Traders or investors should not invest for the long term until it decisively crosses $70. We think the weekly chart will consolidate between $40 and $60.
Indeed, the market will be volatile in the next few weeks, so you have to keep a closer eye on the price chart. DASH is a fundamentally strong coin, but it supports private transactions, so it might face Government regulations in the future. If you find the future potential of this network, you can accumulate DASH for the next five years. However, it is an ideal opportunity to find short-term gains with DASH.