The last 24 hours have been rewarding for traders who bought DASH cheaper than its press time price. Especially since over this period, the altcoin’s price rallied by over 15%, pushing it past the $40 valuation.
However, apart from the market-wide rebound, chain activities and structural breaks also contributed to the altcoin’s daily gains.
Data from DefiLlama revealed that DASH saw its token’s trading volume more than double in a day. On 13 February, the volume was $72 million, while a day later it jumped to $160 million. These numbers represented a 114% hike.
Additionally, the TVL, despite being small, climbed by about 10%. Figures for the same were around $80k at press time.
Its uptrend could be an indication that capital is flowing into the altcoin and attention is back on this sector. Especially since other altcoins in the privacy sector also flashed green at press time.
DASH broke past $40, with the price pushing its second leg up after breaking out of the descending trend channel. The channel, which had lasted for more than a week, could be the reversal signal – Especially for privacy coins.
While the market bulls had momentum, it was yet to hit levels of the previous leg up. In the first leg, the MACD bar reading’s peaked at 0.48. However, it was only 0.16 at press time. Hence, there might be some uncertainty over if existing momentum will be enough to push past $45.
Breaking past $45 would mean even the higher timeframes shift to bullish bias. Otherwise, DASH will be confined in a bear market structure, just like the broader crypto market.
The press time leg up targets about $42, the previous support but now resistance level. Still, this could be a zone where DASH’s price could reverse itself.
Interestingly, large holders seemed to be following the market momentum too. Fundamentals like ownership data revealed that addresses holding above $1 million in DASH spiked just before the second leg up.
These findings, together with the confluence with other privacy coins, could potentially confirm the longevity of DASH’s price trend.
At the time of writing, the top four capped privacy coins were all in the green. ZCash (ZEC) led with 23% gains as DASH, Monero (XMR), and Decred (DCR) followed, respectively.
This was probably another reason why DASH rallied. Capital has been rotating into this sector. A positive example is the expansion in addresses holding DASH worth over $1 million.
That said, this sector is one to watch out for in the next week. Especially since the technical patterns, combined with holder behavior, seem to be shifting.
