Dash traded that day between a low of $73 and a high of $77
Dash climbed more than 18% in the past 24 hours. The price increase reflects growing positive sentiment among Dash users. In addition to staking rewards, users are watching yield farming opportunities to capture a portion of the DeFi yield.
The DASH/USD price rose from a recent low of $64 to a 30-day high of $77. The rally was driven by higher buying volume after Dash announced a collaboration with StakeHound to make DASH accessible to DeFi users.
Another bullish development for Dash was the news that the network’s masternode count reached a new record of 5,002. Masternodes lock tokens as collateral to participate in governance, and operators receive regular Dash payments for running these servers.
Dash Price
The cryptocurrency is trading with a bullish bias, as the MACD on the 4-hour chart shows. The chart also indicates the 20 VWMA diverging from the 20 SMA, suggesting the price surge occurred alongside increased upside volume.
Having moved above the 20-, 50-, and 100-day moving averages, the bulls are building momentum to test resistance around $80. The MACD has strengthened and the moving averages provide solid support near $70.
Dash 4-hour price chart / Source: TradingView
On the daily chart, bulls face modest resistance at the SMA100 and SMA200, which sit just below the 24-hour highs. Notably, the price has not encountered the aggressive rejection that marked previous upward attempts.
On September 3, Dash fell 20%, dropping from a high near $84 down to $65. Bears showed similar aggression around $73, and bulls subsequently struggled to break decisively above $70.
Hourly and 4-hour charts display bullish candles, though momentum is slightly weakened by a decline in buying volume. Bulls need to reverse that trend to keep sellers from regaining control.
For the uptrend to remain intact, DASH/USD must close a daily candle above both the 100-day and 200-day simple moving averages. If bulls achieve that on higher volume, the cryptocurrency will retain its bullish outlook.
A short-term reversal would invite bears to target the next major support level around $69.