- On Thursday, DASH price increased by over 14% in just 24 hours amid the positive sentiment in the crypto market, which helped the cryptocurrency’s value jump by over $37.
- The bullish run was witnessed after Bitcoin (BTC) reclaimed the $72,000 mark, thanks to bullish news like the ceasefire announcement from U.S. President Donald Trump.
- The technical chart is suggesting that the cryptocurrency has entered into oversold territory as RSI sits at around 81.
On April 9, DASH price gained bullish momentum with a surge of 14% on a daily chart, sparking euphoria in the community.
At the time of writing, DASH price is hovering around $37.13, thanks to an impressive market capitalization of $443.44 million, according to CoinMarketCap. The daily trading volume currently stands at $78.38 million.
Derivatives Activity and Market Conditions Trigger Rally in DASH Price
DASH cryptocurrency is making headlines as one of the oldest and most practical digital payment options in the crypto world. It is also known as “Digital Cash.” It allows people to send and receive money quickly, privately, and cheaply, just like handing over cash or using a debit card, but without any bank in the middle. It works anywhere in the world and keeps fees extremely low.
The project was launched in January 2014 by developer Evan Duffield. It started as Xcoin, then briefly became Darkcoin to highlight its privacy tools, and was finally rebranded to DASH in 2015.
(Source: TradingView)
According to TradingView, the price movement is suggesting an upward momentum on a daily chart. DASH broke above short-term resistance around $32.50 with strong support from the trading volume. The Relative Strength Index is currently sitting around 84, which shows neutral momentum but shows clear recovery from oversold levels recorded earlier in April.
The moving average convergence divergence indicator has turned positive in recent sessions, which shows building upward momentum. Its short-term moving averages are suggesting an inclined slope higher and provide support for continued gains if the price holds above $33.
According to the technical analysis, the cryptocurrency might follow a bullish structure if it breaks above $32. On the other hand, if the cryptocurrency falls below $31, then it could test lower support at $29.
One of the major factors behind the surge in DASH’s price is the growing activity of derivatives. More than $41 million flowed into perpetual contracts during the past week. There is a positive funding rate, which shows that long positions dominate. Apart from this, the overall crypto market is currently sounding bullish as Bitcoin (BTC) soared above the $72,000 mark again.
Amid the uncertainty in the global financial market due to the ongoing war between the U.S. and Iran, this week, U.S. President Donald Trump made a major announcement of a ceasefire. This news has sparked excitement in the crypto market and boosted investors’ confidence. The biggest cryptocurrency, Bitcoin, has immediately jumped over $71,000 in just a few hours.
However, the cryptocurrency market is not completely out of a bearish trend as the majority of altcoins are still stuck in a tight range and repeatedly caught in a consolidation zone.
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