DASH Falls Below $25.50 – Momentum or Mirage?

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DASH has experienced a significant price decline, dropping its value 3% in the last 24 hours. It happened after the token had a bullish last week, and presently, it is down 21% over the last 30 days.

Will a further drop add to its bearish performance, or is a bounce on the way?

Dash Drops 3%

In the last 24 hours, a 3% decline has stopped Dash’s bullish price action that it experienced last week.

This drop has pushed the Dash price below $25.50. At 6:15 a.m. EST, the token was trading around the $25.12 mark. The price drop is accompanied by a dip of 3% in its market capitalization and a decline of 3.03% in its trading volume.

There hasn’t been a significant development within the Dash ecosystem yet, which could have been one of the main reasons behind this token’s performance. Crypto experts on CoinMarketCap continue to have a bearish outlook for this token. Will this continue to persist?

What is Dash – Dash Price History

Dash is a crypto asset built to provide global payment solutions in a decentralized ecosystem. Dash proposes a stronger emphasis on privacy protection and faster transactions to improve Bitcoin.

Launched in 2014, this “digital cash” went on a bull run twice. The first time was in 2018, when it reached its all-time high and surpassed the $1,000 mark, and the second time was during Bitcoin’s 2021 bull action, where its price could only push through $400.

The arrival of the crypto winter of 2022 pushed the value of this token down, and it has traded inside the bearish zone ever since.

The only positive came for Dash in 2023 when Bitcoin’s newfound support pushed its price to $70. But the rally dampened in July, and Dash again took a bearish turn. CoinMarketCap shows that it has experienced a year-to-year dip of 44%.

Dash analytics show that 0.15% of Dash holders are whales with more than $100k of tokens. Low-level investors form the bulk of Dash holders, standing at 97%. Investors from $1k to $100k form only 3% of the total token holders.

Reasons Behind Dash’s Bearish Performance

The lack of people talking about this token and limited traction on social media could be one of the reasons behind Dash’s sluggish performance.

The token’s X (formerly Twitter) page repeatedly rehashes identical old posts. The latest post is about Dash Wallet, imploring users to download it to “unlock the power of instant transactions”.

Dash Wallet: Your passport to smooth finances. ⚡ Download it now and unlock the power of instant transactions.https://t.co/GtDEF9w6q8
— Dash (@Dashpay) September 1, 2023

The other reason could be the broader bearish macroeconomic activity. Bitcoin has dropped below the $27k mark and is currently trading around $25.7k.

Dash Price Analysis – Short-Term

Hourly charts give a bearish view of where the Dash price is going. After dropping to $25 on August 1, a slight bounce pushed the token’s value up by 2%. However, bearish sentiment set it once again as bulls left the token, leading to Dash’s value gradually declining by 2%.

The RSI (Relative Strength Index) on the hourly chart shows the purple line hovering around 37, with a few instances of crossing to the oversold zone. There are no signs that a rally would happen anytime soon. Supporting this sentiment is the Bollinger band that has grown wider in the last 24 hours.

Dash Price Analysis – Long-Term

Assessing the chart at a micro level does not show the token performing well in the long term. The weekly chart shows the token trading around its all-time lows, with no significant patterns forming that could indicate this token is making a jump any time soon.

Looking at the monthly trends, however, tell a different story. There is an imperfect double bottom forming, which makes the current trend that the token is trading closer to its value in 2020 before its first bull run. If Dash does follow the same trajectory, it may go up by 334% to get closer to its $100 valuation by July 2024.

However, these estimates are only from a technical perspective. Furthermore, the RSI is still closer to the oversold zone, and the MACD is negative, so changing the community sentiment to a positive direction is the only way to see positive price action for Dash in the coming days.

Dash Alternative – Wall Street Memes

Dash’s performance for the rest of the year depends on the community’s perception. We won’t hold out to see any bullish action soon because it is the community aspect that this token lacks.

Wall Street Memes is another crypto investment that has been making waves in the crypto community thanks to the many memes that it has posted on social media, which has made it gain more than 260k followers on Twitter, more than half of Dash’s current follower count.

These engaging posts are a melting pot of memes with a comedic take on the current financial situation. Elon Musk has also engaged with them on three separate occasions. Wall Street Meme’s ability to draw attention from such a high caliber of individuals is why it has been the biggest presale hit of 2023.

After launching as an ICO in June 2023, Wall Street Memes has raised more than $26 million. Interested parties can visit wallstmemes.com today and buy this token at a discount price of $0.337.

Wall Street Memes – Next Big Crypto