Privacy coins are pumping and Dash leads the charge — up 55% while Bitcoin sinks. Here’s what’s driving it | Credit: Derek Fenech
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Key Takeaways
While $1.29 billion in crypto liquidations hit the market, DASH surged 55%.
Rising OI and a negative funding rate suggest an extended DASH price rally.
DASH could aim for $231.71; failure to sustain could send it back below $100.
While the market experienced a $1.29 billion liquidation, Dash (DASH) seemed to have missed the memo.
The legacy altcoin surged 55% in the last 24 hours, reaching its highest level since March 2022.
Digging deeper, the spike wasn’t just pure luck. Fresh capital rotation, short squeezes, and increased bullish sentiment surrounding privacy coins all contributed to keeping DASH green while the rest of the market burned.
But what’s next for the DASH crypto price? Let’s find out.
Dash Hits 3-Year High
As of this writing, the DASH crypto price has surged to $126.96, marking its highest level in over three years.
Interestingly, this milestone came amid a broader market sell-off, as most assets faced notable declines.
For instance, the Bitcoin (BTC) price has fallen below the key $105,000 support level, while Ethereum (ETH) is trading below $3,500.
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Consequently, the overall crypto market has seen liquidations totaling approximately $1.29 billion, with long positions bearing the brunt of the losses.
Looking at the weekly chart, the DASH coin has now broken above the descending triangle that has been in place since 2022. Amid that, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover — its first since November 2024.
As it stands, DASH’s price is likely to breach the resistance at $132.9. At the same time, it might aim to test the upper level hurdle near $228.24.
However, the recent pump is not limited to the technical setup alone. Fundamentals also appear to be playing a role, especially given the significant bullish sentiment surrounding privacy coins.
For example, in October, the project disclosed that it is working toward global adoption. In this regard, it stated that it is helping nearly 3 billion people with their remittances through its application.
“Dash is no longer a niche tool for theoretical use cases. Dash can work as money for the world now,” It revealed at that time.
Additionally, the altcoin has been listed on several decentralized exchanges.
From an on-chain perspective, both Open Interest (OI) and the Funding Rate appear to have played a key role in the surge.
As of this writing, OI is nearing $100 million, reflecting a notable increase in leveraged activity.
At the same time, the Funding Rate has turned deeply negative, indicating that short positions are currently dominating the market.
DASH Open Interest and Funding Rate | Credit: Santiment
Paradoxically, this setup can fuel a short squeeze, as the rising DASH crypto price could force short sellers to cover their positions.
If these conditions persist, the DASH coin could maintain its bullish setup. However, extreme leverage also raises the risk of heightened volatility should sentiment shift abruptly.
DASH Price Chart Maintains Higher Targets
On the daily chart, CCN’s analysis shows that the Bollinger Bands (BB) have expanded, signaling a phase of heightened volatility around the cryptocurrency.
Interestingly, DASH’s price has moved far above the upper band, which typically reflects strong bullish momentum that might not be immediately reversed.
Adding to this bullish setup, the Chaikin Money Flow (CMF) remains well above the zero line, confirming sustained buying pressure.
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.
