Over the last seven days, DASH cryptocurrency has experienced an impressive surge of 57.11%, pushing its price to $54.40 at the current moment.
This surge is accompanied by a 24-hour trading volume of $588,951,773, indicating significant activity and investor attention in the market.
Nevertheless, DASH has witnessed a slight decline of 4.99% in the last 24 hours following its peak of $57.36 in the past week.
Throughout the week, DASH traded within the range of $31.29 to $57.01, breaking out from a prolonged consolidation phase.
With a circulating supply of 12 million DASH, the cryptocurrency’s market cap stands at around $663.7 million, while its fully diluted valuation (FDV) reaches $1.035 billion.
Possible Support at $40 and Resistance Levels Near $80
Showing resilience, DASH has maintained stability above the $40 support level, which played a crucial role in its recent bullish rally. This level has historically been a consolidation point throughout 2023 and a significant part of 2024.
On the bright side, the price has encountered notable resistance around $80, a level it couldn’t surpass in mid-2023.
Analysts have pointed out the likelihood of a short-term pullback or consolidation in the $60-$65 range, another resistance zone where price consolidation was observed earlier in 2023.
Experts have warned that a failure to sustain momentum above $60-$65 might lead to a retesting of the $40 support level.
Overbought Conditions Remain
The surge in DASH’s price is supported by various technical indicators, such as breaking above its 50-day moving average, standing at $34.66 currently.
The token is trading close to its upper Bollinger Band at $50.55, indicating strong upward momentum.
However, the Relative Strength Index (RSI) is at 86.49, signifying that DASH is currently overbought. Historically, an RSI above 70 typically signals an upcoming price correction or consolidation.
Traders are now closely monitoring momentum indicators for any signs of stabilization.
The Moving Average Convergence Divergence (MACD) continues to be bullish, with the histogram at 3.90 and the MACD line considerably above the signal line, indicating continuous upward momentum in the short run. Yet, some traders remain cautious of divergence signals.
Is Breaking the $80 Mark Feasible for DASH Coin?
With a Total Value Locked (TVL) of $340,423, DASH’s network activity has seen a 10.24% increase in the last 24 hours, as reported by DeFiLlama.
The steady rise in buying interest hints at a potential climb towards the $80 resistance level for the cryptocurrency, provided it successfully navigates the challenges in the $60-$65 range.
If the bullish trend persists, breaching the $80 mark could open doors for further advancements.