Why Dash Is Up Over 25%: Analyzing Reasons Behind DASH Price Rally

Key Takeaways:

• Dash price has surged over 25% in the past few days and testing the crucial barrier that may spark a notable upswing toward a 3-digit figure
• The bullish pressure appears to have intensified and hence the price is believed to maintain a steep upswing during the rest of 2023
• The rise in social dominance indicates the growing popularity of the token that may keep up the volatility to its highest levels

Additional Read: Ripple Price Prediction

Dash Token Technical Overview

Source: Tradingview

• Soon after the past weekend spike, the price began to consolidate but in an ascending manner that indicates the accumulation before the explosion
• However, the trend appears to be within a rising wedge and the price may pull a leg up to test the upper resistance of the channel
• If the bulls fail to offer a push here, then a rejection could be imminent that may drag the prices lower
• However, it appears unlikely that the price may test the lower support as a rebound may occur much before these levels
• Luckily, MACD continues to hover within bullish ranges, while the Average Directional Index(ADX) is about to rebound from lows, indicating the revival of the bullish trend. Hence the pullback, if exists may only be a minor one.

Dash Token On-Chain Analysis

Dash Social Dominance

Source: Santimnet

The social dominance of a token indicates its popularity among the top tokens within the crypto space. It is calculated by considering the posts/mentions of the top 100 tokens as per the market capitalization and compared to the token’s posts/mentions. If the social dominance is increased by 50% then it indicates that the tokens dominance has raised compared to the other top 100 tokens.

Dash has been a popular token of social dominance and has always made huge spikes frequently. Regardless of the market conditions and the FUD, the market participants showered their interest in the token due to which the dominance maintained healthy levels. Therefore, the price is also believed to be positively impacted by reach beyond $100 soon.

Read More: Guide To Crypto Tax In India

Dash Mean Hashrate

Source: Coinmetrics

Hash rate is a measure of the computational power utilized to validate a single block on the proof-of-work blockchain. It is used to determine the overall health, security, and mining difficulty of the chain. It is expressed in billions, trillions, etc, and is a measure of how many calculations can be performed per second. The has rate could help miners to predict the profitability which may further impact the token prices as well.

However, in the above chart, it is quite evident that the DASH mean hash rate has been plunging down. It indicates the difficulty has eased and hence the computational power required has also dropped. While the DASH prices are rising, the miners may enjoy profit but at the same time, the hash rate is also expected to rise as more hands may join the network being attracted by these profits.

Concluding Thought!

The Dash price has been training exceptionally well in the past few days which also displays a mounted bullish pressure. Moreover, the market participants may expect a continued upswing that may prevail for a long as the token is gaining more traction. Hence, the price may be positively impacted in the coming days that may rise the Dash price beyond $100 soon.