Dash price increases by 27%. Can this rally continue?

The price of Dash (DASH) has made a strong comeback over the past few days. With a price increase of almost 27% in the last 7 days, it was one of the best cryptocurrencies on the market – only Litecoin (LTC) had an even better performance.

The coin is currently trading at $42.36 after rallying parabolic on Wednesday morning. The current market cap is more than $450 million.

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Why is the Dash price increasing so much?

Dash is a relatively small cryptocurrency in terms of its market cap, but it has a special use case. It is one of the so-called privacy coins that attach particular importance to protecting the privacy of its users: Transactions with Dash tokens remain anonymous.

This cryptocurrency also emerged from a hard fork of Bitcoin. Like BTC, Dash also works with a Prof-of-Work blockchain. This has a block generation time of around 2.5 minutes.

A key feature of Dash is Masternodes. They are participants in the network who have enough DASH coins to participate in the ecosystem. These users can enable certain options such as InstantSend and PrivateSend. These masternodes receive 45% of the block reward for providing the service.

For users, Dash is an easy-to-use cryptocurrency that allows them to make direct payments to each other. Of course you can also use the coin to pay for goods and services with the Dash Wallet.

Unlike Bitcoin, Dash payments cannot be tracked. It does this by shuffling tokens within the network to confuse ownership. This process is known as PrivateSend. When a user makes a transaction, the previous history is erased, making it even more difficult to track.

Dash and other privacy tokens like Monero came under the spotlight a few months ago when US regulators imposed sanctions on Tornado Cash. Tornado Cash was a crypto mixer that made it easy for people to send money anonymously. But US authorities have not yet imposed sanctions on Dash and other similar coins.

It is not clear why the DASH price has risen so much in the past few days. According to the developers, this rally is due to the market reacting to the coin’s stability and utility.

DASH Price Prediction

The price chart shows that DASH price has been in a strong uptrend for the past few days. It managed to move above the key resistance at $38.10, which was the lowest level on October 11th. The coin has also moved above the moving average lines while the Relative Strength Index (RSI) crossed into overbought territory.

Therefore, there are chances that DASH will continue higher if buyers target the key resistance at $47.5. This is likely to happen if the uptrend continues. A break below the $40 support would invalidate the bullish view.

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On this page we explain how to buy Dash.

The article is in German

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