Dash (DASH) Adoption Skyrockets, Technicals Hint at Potential $6,800 Rally

Dash, the fast and private cryptocurrency, has just reached an enormous milestone: it is now supported by over 50 million merchants globally. This is an indication that the cryptocurrency is gaining ground as a viable digital currency. This is because users can transact instantly, securely, and without the need for intermediaries.

This accomplishment is made possible by the fact that Dash partnered with AEON Community to provide decentralized finance for the masses.

This is made possible by integrating the use of the network in merchant systems around the world, offering users privacy, speed, and flexibility in spending. The increasing use of Dash shows that digital money is transitioning from a concept to a reality that will define the world of financial transactions.

Also Read: DASH Breaks Long-Term Downtrend, Bulls Eye $175 Price Target

Technical Outlook Hints at a Strong Bullish Trend

The price chart displays the price of DASH. It surges from around $50 to $83.86. This shows an increase of +12.51% in the latest candle. There are four EMAs (20, 50, 100, and 200) that are all rising and are arranged such that the smaller ones are above the larger ones. There has been a sudden surge and slight consolidation around $83-$85.

Source: TradingView

The RSI is 73.24, indicating an overbought market and a potential pullback. The MACD is also highly bullish, with the MACD line at 9.30, well above the signal line at 4.39, and increasing bars. The token maintains its brief bullishness, but traders need to exercise caution and watch for a potential consolidation or pullback due to the high reading of the RSI.

Dash Bulls Eye $6.8K as Support Confirms Uptrend

However, the crypto analyst, Vouri Trading, pointed out that DASH is strong on the weekly charts, confirming a backtest of the falling resistance level, now used for support.

This positive configuration matches the expectations for a technical analysis and is a possible indication for the start of the upward movement. The key levels to focus on are the wedge breakout level at $1,200 and the Fibonacci extension level at $2,600.

Source: X

It is essential to maintain the $48 level for support in order to keep this analysis valid. In the longer term, the Fibonacci extension level for the year 2017 is $6,800. This is a reminder to traders that the market cycles are unpredictable. Through careful monitoring of all the essential levels, the asset may follow a definite path to realize its potential gains.

Also Read: DASH Breakout Sparks Bullish Rally: Price Eyes $66 and Beyond