DASH holds on to gains as the crypto market slightly corrects

on Feb 17, 2022
  • DASH has made a 5.8% gain during the past 24 hours.
  • The gain is significant as the rest of the crypto market has slightly dipped within the same period.
  • Despite the uptrend, DASH is yet to get rid of a bearish flag.

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The cryptocurrency market has not made major gains during the past 24 hours. Bitcoin (BTC/USD) has been trading between $43K and $44K during the past 24 hours. Many altcoins have been quiet during this period.

DASH has made a 5.8% gain during the past 24 hours, which is a notable gain, given that volatility across the broader market is spiking.

DASH gears for a market recovery

DASH has created a bullish flag during the past 24 hours. The global crypto market cap has dipped by around 2% within the time, showing that DASH’s uptrend comes from increased buyer support.

DASH started trading at $106 on a 24-hour period and made a bold uptrend towards $118. It has made a slight dip since then to trade at $114 at the time of writing, according to CoinGecko.

Short-term buyers are currently looking for coins with a price action, which could lure more traders towards DASH. In this case, the token could make another bold uptrend towards the next resistance at $118. From this level, DASH could climb towards $125, levels that were last seen on January 20.

DASH has not escaped a bearish trend

While DASH is currently on an uptrend, some traders will start selling as soon as the next support at $118 is tested. This could hinder DASH from making any bold uptrend. Moreover, massive selloffs could hinder any significant price gains, and the token could dip.

If traders decide to dump, DASH could test the lower support at $110. The coin bounced past the support of $100 on February 14, preventing any further price downtrend. This support could be tested again if both buyer and market support weakens. Dipping below $100 will take the token down to the January 24 lows of around $84.

For the long term price movement, DASH could be affected by the regulatory framework. DASH developers have been erasing the token’s identity as a privacy coin. Privacy coins have been a concern among many regulatory bodies, resulting in the delisting of DASH on some exchanges due to compliance. With an identity change, DASH could be primed for major gains in the future.