Dash price breaks downtrend, reclaiming $50 for the first time since 2023
Open interest reaches its highest level since 2024, signaling a rise in leverage demand.
DASH coin could target $100but failure to sustain hype may trigger a pullback
After nearly three years in decline, Dash (DASH) has finally done the unthinkable. It has broken a 968-day downtrend that had lingered since February 20, 2023, erasing billions in value.
Amid a resurgent wave of hype for privacy coins, the long-dormant altcoin is roaring back to life.
But the real question is: is this breakout the start of something bigger, or just another false dawn in a market that has seen countless fakeouts?
DASH Smashes Years of Resistance
Over the past 30 days, the DASH coin price has skyrocketed by nearly 118%, marking a powerful comeback for one of crypto’s earliest privacy-focused coins.
The surge pushed DASH above $50 for the first time since February 2023.
The timing couldn’t be better. Renewed enthusiasm around privacy coins such as Zcash (ZEC), Monero (XMR), and Horizen (ZEN) has reignited market interest in the entire sector.
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From a technical standpoint, the weekly chart shows a clean breakout above the upper trendline of a multi-year downtrend. This move signals the end of a prolonged correction and the start of a bullish cycle.
Adding to this optimism, the Awesome Oscillator (AO) continues to print consistent green histogram bars in the positive zone, confirming that bullish momentum is strengthening.
If this setup holds, DASH’s price could have entered an early-stage uptrend, particularly as it has breached the $34.55 resistance level. Should bulls continue to defend this support, the DASH coin price might soon retest $74.39.
According to recent derivatives data, OI has surged to its highest level since December 2024, signaling an increasingly open leveraged position on DASH.
This uptick in OI and rising prices indicates fresh capital flowing into the market, along with growing expectations of continued volatility.
In simpler terms, the data suggests that momentum traders are doubling down on DASH’s bullish narrative. If the OI continues to rise in tandem with DASH’s price, it could amplify the short-term rally.
Examining the daily chart, CCN noted that the DASH coin price has broken above a key resistance level.
At the same time, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover, with the 12-day EMA crossing above the 26-day EMA.
If this momentum holds, DASH could soon breach the $60.33 resistance. A successful breakout above it could pave the way for a run toward $71.91, the next major resistance.
Moreover, if interest in privacy coins like Zcash and XMR continues to grow, DASH’s price could extend toward $100, potentially marking a new cycle high.
However, this bullish setup might be invalidated if the hype around privacy coins cools or market liquidity thins out.
In that scenario, DASH could retrace toward the $38.49 support, where bulls would likely attempt to defend the structure before any deeper correction occurs.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
