DASH rose 45% intraday, how to look at the future market?

Dash is an Open SourceCryptocurrency based on BTC technology, initially released in 2014 as Xcoin, later rebranded as Darkcoin, and ultimately renamed Dash in 2015, meaning Digital Cash. Dash aims to be a convenient, low-cost digital payment method for individuals and businesses worldwide. DASH's Consensus Mechanism adopts Proof of Work (POW), and its Mining Algorithm X11 was developed by the founder Evan Duffield as a unique Algorithm with the aim of providing higher energy efficiency. The total issuance of DASH is 18.9 million, with an annual reduction of 7.14%, and issuance will eventually be completed around 2150. According to DASH's reduction rule, a Halving will occur every 210,000 blocks (approximately 4 years), which means the Mining reward will Halve. The last reduction of DASH occurred on June 23, 2023, and the current Block reward is 2.3 DASH. According to the market data of gate, DASH is currently priced at $56.2, with a 24-hour increase of 45.5%, leading the market in large cap altcoins. The current circulating market capitalization of DASH is $680 million, ranking 132nd in the market. Since November, DASH has accumulated a growth rate of over 100%. Previously, DASH reached a historical high of $1547 in December 2017 during the Bull Market, and it has fallen 95% from the historical high.

DASH Market Data

• Current price: 55.95 USDT
• 24-hour high: 58.32 USDT
• 24-hour lowest price: 39.17 USDT
• 24-hour increase: 44%
• Circulating Supply: 12,001,135 DASH
• Market Cap: 690,435,936 USDT
• Market Sentiment: The Fear and Greed Index is 78, indicating an extremely greedy market sentiment.
• Support Level: 39.7 USDT
• resistance level: 61.7 USDT

Trading Strategy Suggestions

Strategy 1: Short-term longs strategy

• Direction: long positions
• get on board price: 52.5 USDT
• Stop Loss: 50 USDT (support level below the current price)
• Target price: 61.7 USDT (close to the resistance level) Reasons and Features:
• The current market sentiment is extremely greedy, usually indicating that prices may continue to pump in the short term.
• DASH has shown strong performance in the past 24 hours, with an increase of over 60%, indicating a strong buying signal.
• Choose to get on board at the current price, set the stop loss below the support level to mitigate the risk of drop.

Strategy 2: Mid-term short positions strategy

• Direction: shorts
• get on board price: 58.5 USDT (close to 24-hour high)
• Stop-loss position: 62 USDT (higher than the resistance level)
• Target price: 39.7 USDT (support level) Reasons and Features:
• Although the current market sentiment is extremely greedy, there may be a pullback when the price approaches the resistance level.
• Choose to get on board at the high point, taking advantage of possible pullback trends in the market.
• Set the stop loss above the resistance level to prevent losses caused by further pump in price.

Outlook

Old-school payment token leader XRP pumped over 300% in November, driving DASH pump. However, DASH coin has dropped 95% from its all-time high. Currently, there are no new products or partnerships announced for DASH. The pump in DASH is likely due to a large influx of funds overflowing into the POW zone in the cryptocurrency market consolidation. As a payment-oriented Crypto Assets, Dash has significant advantages in fast payment and privacy protection, but also faces challenges in ecological expansion and competition. If it can continue to improve technology, expand application scenarios and respond to market demand, it still has great development potential in the global encryption payment field.

Author: Icing, Researcher at Gate.io Translator: Icing. *This article represents the views of the author only and does not constitute any trading advice. Investment is risky, and users need to make prudent decisions. *The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.