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The value of DASH, the native token of the Dashpay network, exploded in an eye-popping move this January to trade at $57.36 at the time of writing. Boasting approximately 634 million in market capitalization, Dash price seems ready to stretch the up leg to $76.00, a level last seen in May 2022.
A spike in the DASH trading volume to $140 million shows investors are ready to throw their weight behind the token while anticipating a bullish outcome. Interest in the 73rd largest cryptocurrency comes a few days after the team released the network’s core development updates.
Many market watchers and analysts believe 2023 is the year for Dash price to achieve tremendous milestones, especially in terms of network development and price growth.
Dash Core Development Updates as DASH Price Gets Bullish Rating
The Dash core development team is working on several features that would see Dash tap into the fastest-growing sector of the cryptocurrency economy – Web3. This will include the introduction of smart contracts on Dash to boost the network’s use cases while ensuring it remains competitive among its peers.
Furthermore, developers are working on achieving interoperability with the launch of a virtual machine inter-blockchain communication. Once this key milestone has been achieved, users within the Dash ecosystem will be able to send data and value to and from other blockchains.
That’s not all, the core development team said last week that nonfungible tokens (NFT) will soon be supported on the Dash blockchain. NFTs, go hand in hand with the expected move to Web3, allowing users to tap into new income-generating activities such as gaming and decentralized finance (DeFi).
Dash Price Confirms Inverted Head-and-Shoulders Pattern
Dash price is up 88% since its floor price in December at $30.60. The payments token price now sits above all the applied major moving averages, starting with the 100-day Exponential Moving Average (EMA) (in blue) at $46.33, the 50-day EMA (in red) at $48.00, and the 200-day EMA (in purple) at $51.10.
If the upswing in price continues this week, a golden cross pattern may come into the picture and add credibility to the bullish outlook in Dash price. Traders should be on the lookout for the 50-day EMA as it moves to the upside and possibly steps above the 200-day EMA.
Dash price also sits on top of an important chart pattern – the inverted head-and-shoulders (H&S) with a 46% breakout target of $76. The H&S is a reversal pattern that often signals an incoming uptrend.
It comes into the picture with the first valley (left shoulder), followed by a longer lower valley (head), and completed by another relatively higher valley (right shoulder). It is worth mentioning that the H&S occurs after an extended downward movement in price, characterized by extremely oversold conditions.
Traders trading this pattern should have placed buy orders just above the neckline resistance, or slightly above the 200-day EMA (purple). The 46% bullish move was measured by the distance between the head and the neckline extrapolated above the breakout point.
Investors could also lock in some of their profits as Dash price ascends, but new entries can be made toward the target at $76 – used as a risk management technique.
For now, the path with the least resistance is still to the upside bolstered by a buy signal that was recently reconfirmed by the Moving Average Convergence Divergence (MACD) indicator.
Notice the momentum indicator holding within the positive region—above the mean line at 0.00. The MACD line in blue also sits on top of the signal line in red, implying that buyers have the upper hand.
Other analysts agree that Dash price has confirmed an uptrend and this move to $57.36 may be just the beginning. According to Clifton Fx, “a descending broadening wedge upside breakout is already done in the daily time” and he is expecting a colossal bullish wave.
Clifton Fx presented another bullish scenario to his followers on Twitter with a “bullish flag upside breakout.” Now traders need to be on the lookout for a possible retracement to the neckline, a move likely to call sidelined investors to the market and push for gains to $76.00 and $100.00 respectively.
Should You Buy DASH Now?
Although Dash price shows potential to rally significantly, you may want to pique interest in up-and-coming projects promising a better risk-reward ratio. Some of these tokens have been performing incredibly well in their presales and will soon debut on exchanges for the first time.
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The team has been issuing MEMAG tokens in a highly publicized presale, attracting many investors into the up-and-coming ecosystem. Meta Masters Guild is a highly sought-after crypto project that has raised $1.98 million in a matter of weeks.
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- Decentraland Price Prediction for Today, January 29: MANA/USD Hangs Around $0.81 Level
- GALA Price Prediction As Gala Games Hits Up For 2023
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