Dash traded between a low of $ 73 and a high of $ 77 throughout the day
The Dash currency has seen its price rise more than 18% in the past 24 hours. The price is positive due to the increase in positivity among its users, who are eyeing a slice of the DeFi pie through yield farming, in addition to the staking rewards.
The price of the DASH / USD pair skyrocketed from $ 64 to a high of $ 77 in 30 days, with the upside spurred by the increased buying volume after Dash announced it was partnering with StakeHound to make DASH accessible to consumers. DeFi users.
Also positive for Dash today is the news that the number of Masternodes on the network has reached a new record of 5,002. Masternodes on the network use their tokens as a guarantee to participate in governance. The operators of these servers earn regular payments in the form of Dash.
The cryptocurrency is trading higher, as shown by the MACD on the 4-hour chart below. A look at the chart also shows that the 20 VWMA is moving away from the 20 SMA, suggesting that the price jump was accompanied by an increase in bullish volume.
After exceeding the 20, 50 and 100 day moving averages, the bulls have the energy to test resistance at around $ 80. The MACD has strengthened and the MAs are providing healthy support at around $ 70.
On the daily chart, bulls face slight resistance on the SMA200 and SMA100 lines, which are just below the 24-hour highs. Notably, the price has not experienced the aggressive rejection that characterized the last time we saw a bullish stock.
On September 3, the Dash price dropped 20%, dropping from a high of $ 84 to $ 65. The bears showed the same aggression close to $ 73, with subsequent action seeing bulls struggling to break above $ 70.
The hourly and 4-hour charts show positive candles, although the dynamics are compressed by a decrease in the volume of purchases. Bulls need to reverse this to avoid giving initiative to sellers.
In that case, the DASH / USD currency pair needs to close with a daily candle above the 100 and 200 day simple moving averages. If bulls achieve this with higher purchase volumes, the cryptocurrency will remain high.
A short-term reversal will make bears aim to take prices to the next main support level, around $ 69.