The Dash price has been in a relatively strong uptrend recently. Its price has jumped by more than 20% in the past seven days and by 8% in the past 24 hours. That has brought its market cap to more than $1.2 billion, making it the 47th biggest digital currency in the world.
What is Dash? For starters, Dash is a secure and private cryptocurrency project that enables people to move money faster and cheaper. The currency is in the same class as Monero and Tezos, which are well-known for their encryption and security.
In its website, Dash says that it is a decentralized means of exchange that allows people to shop and exchange items. It is now accepted by more than 4,800 merchants globally. In the third quarter of 2020, the total volume of transactions was worth more than $0.84 billion.Today, the gains of DASH and other digital currencies is because of the ongoing acceptance by the big players. Yesterday, Tesla announced that it acquired $1.5 billion worth of Bitcoins. In most periods, other currencies tend to rally when BTC gains.
Dash price prediction
Turning to the daily chart, we see that the DASH price formed a cup and handle pattern between August last year and January this year. This pattern is usually bullish and the currency jumped to an all-time high of $193 in January.
But it then erased most of those gains and dropped to $93 in late January and is now attempting to rebound. Indeed, it has gained by more than 40% since January 22.
The Dash price remains substantially above the 25-day and 15-day smoothed moving averages (SMAs) while the Relative Strength Index (RSI) has continued to rise. Therefore, in the near term, I predict that the price will rise as bulls target the psychological level of $150. This prediction will be invalidated if it drops below $100.