Why Dash price is going parabolic today
Dash price has gone parabolic over the past few days, reaching its highest level since May 22 as demand for privacy tokens jumped.
- Dash crypto price has gone parabolic and reached its 2022 highs.
- Its surge coincided with the ongoing demand for privacy tokens.
- The token also jumped as it moved to the markup phase of the Elliot Wave.
Dash (DASH) token rose to a high of $92, up sharply from the year-to-date low of $18. This surge has brought its market cap to over $1.12 billion.
Dash price jumped in a high-volume environment. Its spot-market volume jumped 193% to $1 billion, its highest level in months.
More data shows that its futures open interest has been in a strong uptrend. It jumped to a record high of $33 million, up sharply from the year-to-date low of less than $8 million. Soaring open interest is a sign of robust demand.
Dash price also jumped amid rising shorts liquidations. Short trades worth over $1.8 million were liquidated on Nov. 2 after $2.14 million a day earlier.
This performance is happening as investors pile into privacy tokens. A good example of this is Zcash (ZEC), which has gone parabolic in the past few weeks as it jumped from below $50 to almost $400.
Dash offers a unique approach to ensure transaction privacy. It has regular miners who validate transactions and secure transactions. It also has Masternodes that perform advanced functions like InstaSend and PrivateSend.
InstaSend allows near-instant transactions by locking inputs through masternode, while PrivateSend offers privacy by mixing coins through a decentralized process.
Dash price technical analysis
The weekly chart shows that the Dash price has remained in a tight range in the past two years. It has remained inside the important support and resistance levels at $19.50 and $74.65.
Therefore, the ongoing recovery indicates that the coin has entered the markup phase of Wyckoff Theory after spending three years in the accumulation stage.
Dash crypto price has moved above the key resistance level at $74.65 and the 50-week moving average. Therefore, the token will likely continue rising as this breakout triggers the Fear of Missing Out (FOMO) among investors. Such a move may push it to the psychological point at $100.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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