- Payment focused crypto, DASH – which has optional privacy focused features – has shown one of the strongest recoveries in the past 24 hours in the recent past.
- It is one of the most popular privacy feature enables tokens alongside Monero (XMR) and ZCash.
- Just yesterday, it announced the launch of its app, Dash App – for near instant payment through crypto!
You don't need Google Maps to find places where to spend your cryptos. Download the oficial Dash App and let's #LiveOncrypto! ⚡🛍️
— Dash (@Dashpay) November 22, 2022
Dash (DASH) is the third largest privacy focused crypto by market cap and is quite well known in the crypto circles. Of late, it has been under pressure as many countries, including India and some in the EU have proposed or already have expressed their interest to completely curtail the use of these kinds of privacy tokens.
Privacy coins are essentially cryptos that are designed in a way to protect the privacy of the user and their transactions on the blockchain. Typically blockchains are completely open and transactions can be easily viewed on the open ledger but these projects devise methods to be able to mask those transactions and prevent them from being viewed on the public ledger. While that has its uses – for governments and law enforcement authorities, this becomes a very concerning as it can be used as a means of transferring illicit funds.
But in Dash’s case, privacy remains an optional feature and is focused more on enabling near instant payment functionality on its platform and improve its utility in that sector.
DASH TOKEN TECHNICAL OVERVIEW
DASH price action got a beating early in November amid the FTX collapse but soon quickly managed to hold its ground and even recover in the past two days. Dash price has managed to jump a staggering 27% in the past two days, out of which nearly 20% happened in the past 24 hours alone. This jump has also resulted in the price breaking past the trendline resistance (marked in yellow) and the 50 day moving average in one fell swoop.
Thanks to the breakout above the trendline resistance on the chart (marked in yellow), it has effectively broken out of the descending channel and if DASH price is able to sustain above the downward channel, we can see some strong bullish momentum coming in, pushing prices all the way up to $60 which is the next region of resistance. A rally to $60 would thus be a proper 50% rally from current levels. The current Relative Strength Index levels for DASH is at 61 which is decently strong to support a further rally up to at least $50 levels before taking a break in the overbought territory.
DASH DEVELOPMENT ACTIVITY ON THE RISE!
According to data from Santiment – the develop activity for this token is on the rise, despite the overall fall in the value of this crypto. This indicates that the DASH crypto project developers are active and hard at work to improve the network, increase transaction speeds and reduce downtimes on the network to make it the go-to blockchain based instant payment solution out there.
Development activity is sourced from the number of Github repository updates a particular network’s developers do – as a means of keeping track how the project is being developed. It is a good indicator of how active the particular network’s developers are in terms of project upgrades and performance improvements and hence a rise in this is generally indicative of underlying strength of the project.
POSITIVE HODLER & EXCHANGE NETFLOW DATA
According to data from IntoTheBlock, we can also see some more positive metrics coming to light. For example – only 23% of the supply is held by large holders – which indicates that the possibility of a pump and dump scenario is far lesser for this particular coin. Along with that, 81% of the holders of this coin have held it for a period of more than on year, indicating good HODLer mentality too.
Also, not to mention, exchange netflow data is on the bullish side to. In the past week, $9.22 million worth of DASH has seen exchange inflows while $11.04 million worth of DASH has seen exchange outflows. When exchange outflows are greater than inflows, it generally means people are buying the crypto off the exchanges, and then transferring those to their cold wallets for long-term safekeeping, further adding to the HODLer observation above.
Thus, to conclude from the observations made above – things look very optimistic for DASH price in the immediate future. Many on-chain metrics, ranging from the development activity to HODLer behaviour point to underlying bullish sentiment in the crypto. Hence, combining the technical observations from above, a 50% rally from current levels doesn’t seem too much of a farfetched idea.
Read more Crypto Price Predictions on CoinDCX Blog!
Prices as on 23 November, 2022.