Dash (DASH/USD) returns 20% per day. Has the cryptocurrency turned bullish?

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Privacy-focused cryptocurrency Dash (DASH/USD) saw increased buyer interest on Wednesday. As cryptocurrencies emerged, the token’s value increased by 20%, one of the strongest. DASH rode on the positive sentiment and pushed above the $40 resistance.

Dash provides an open-source platform for cheap and fast financial transactions in a decentralized ecosystem. However, unlike other cryptocurrencies, Dash offers an extra layer of privacy for transactions. Native token DASH surpassed an all-time high of $460 in 2021. The strong gains highlighted investors’ speculations about tokens from platforms that offered more anonymity in crypto. However, as the crypto winter ravaged this year, DASH has gone under. Recent intrigues also include pressure from regulators against privacy-focused protocols.

About a week ago, reports emerged that the European Union was preparing an anti-money laundering proposal. The new rules prohibit crypto companies and lenders from allowing privacy coins, DASH, Monero and Zcash. That follows another piece of legislation earlier this year in which officials worked to restrict transactions with non-hosted wallets.

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It remains to be seen what the future of privacy coins like DASH will look like. It still makes sense to bet on the token when opportunities arise. But should you be ready to buy DASH now?

DASH breaks above $40 amid intraday gains

DASH/USD chart by TradingView

Technically, DASH is trading at a monthly high of $42. The MACD indicator has initiated a bullish crossover, but remains in a bear zone.

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DASH’s short-term momentum is bullish, although its long-term trend is bearish. A breakout candlestick is seen towering above the $40 support.

What next for DASH?

A successful breakout is confirmed by how the daily candlestick closes. If the candlestick closes above the support, $40 becomes a new support and DASH bets for further profit. Buyers will target $47 next or higher depending on prevailing crypto sentiment and momentum.

On the contrary, the daily candlestick closing below USD 40 would leave a bearish pin bar. This is a less likely scenario, given the strong breakout of key-level DASH. The bear scenario would be the DASH price fragile at $35.

Where to buy DASH

eToro

eToro offers a wide variety of cryptos, such as Bitcoin, XRP and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect, learn from and copy or be copied by other users.

Buy DASH with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, which is over 600. Binance is also known for its low trading fees and a multitude of trading options that its users can take advantage of, such as; peer-to-peer trading, margin trading and spot trading.

Buy DASH with Binance today

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