Dash (DASH) recently announced a significant change with DashCore v.20 which is a mandatory upgrade for all masternodes, miners, and users. Version 20.0 brings forth several enhancements to Dash, such as the incorporation of a random beacon based on ChainLock, Sentinel deprecation, expansion of the governance treasury, and various improvements achieved via Bitcoin backports.
Like many other cryptocurrencies, DASH remains supported after Bitcoin’s price managed to climb above the $44,000 level on growing speculations around the first Bitcoin ETF approval in the U.S. According to estimates, the SEC will likely give the green light for the first Bitcoin ETFs before the end of January 2024 but there are still uncertainties that are connected with ethical and security reasons.
DASH has advanced from $24.40 to $36.35 since October 19, 2023, and the current price stands at $32.19. But where is the price of DASH going next, and what can we expect from January 2024?
Today, Crypto Lists will discuss DASH price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Dash stands out as a favored payment method
Dash is an open protocol that enables anyone, anywhere in the world, to make instant and cheap payments without going through a central authority. Low fees and instant transactions make Dash the preferred method of payment, while DASH’s limited supply could attract crypto whales and investors who believe in its characteristics as a store of value.
Dash was created in January 2014 by Evan Duffield and was originally known as Darkcoin, but it was rebranded later as Dash, a portmanteau of “Digital Cash. Built upon a decentralized and open-source blockchain platform, Dash is praised by numerous cryptocurrency experts for addressing two major issues encountered by Bitcoin: transaction speed and privacy concerns. These attributes lead many to foresee a promising future for Dash.
Dash employs a dual-tier network to enhance transaction efficiency and speed. It’s crucial to note that Dash transactions are both secure and visible to the entire network in less than 1.5 seconds. Another significant aspect of Dash is that its cryptocurrency DASH is untraceable, and the coin’s transaction history remains inaccessible.
Dash offers an optional feature called PrivateSend, which allows users to mix their transactions with others, making it more difficult to trace the origin and destination of funds. This provides users with increased privacy and fungibility.
DASH is globally adopted as a viable substitute for credit cards, embraced by businesses of various scales. It circumvents issues related to exchange rates, bank holidays, bureaucracy, and concealed charges. Particularly in regions with technical obstacles to traditional payment systems, DASH enjoys substantial popularity.
Dash recently announced a mandatory upgrade
Dash recently announced a significant change with DashCore v.20 which is a mandatory upgrade for all masternodes, miners, and users. Version 20.0 brings forth several enhancements to Dash, such as the incorporation of a random beacon based on ChainLock, Sentinel deprecation, expansion of the governance treasury, and various improvements achieved via Bitcoin backports.
Prior to DashCore v20.0, 10% of block rewards were set aside for the Dash DAO treasury which funds development and other network efforts. With the DashCore v20.0 hard fork, the treasury system allotment increases to 20% of block rewards to align with the proposal approved in September. Miner and masternode rewards are changed to 20% and 60% respectively upon activation of the change. Dash team reported:
“DashCore v20.0 is a mandatory update due to updates to the coinbase transaction and changes to the block reward division between governance, masternodes, and miners. All integration partners should immediately review the Release Notes to become familiar with the details of the release and begin the update process. In addition to the hard fork that will occur with v20.0, there are important fixes and optimizations that will not be backported to v19.0. It is important to verify compatibility with particular attention to 1) changes to RPCs, 2) changes to command-line options, and 3) Bitcoin backports.“
At the same time, numerous experts within the cryptocurrency industry have expressed a strong likelihood that the SEC will approve a Bitcoin ETF by the end of January 2024, potentially further boosting the cryptocurrency market through increased participation from major institutional investors, particularly hedge funds.
The endorsement of these ETFs by the SEC would probably result in a substantial surge in Bitcoin demand, subsequently exerting a favorable impact on various other cryptocurrencies. Upward trends in Bitcoin frequently enhance investor trust, and notable price fluctuations in Bitcoin frequently reverberate across the cryptocurrency market, affecting assets like DASH.
The year 2024 is eyed with optimism, with Bitfinex analysts foresee a potential surge in the crypto economy’s market cap, possibly reaching $3.2 trillion. The latest Bitfinex Alpha report says a shift towards “extreme greed” in the crypto fear index and there’s an anticipation of a significant increase in global cryptocurrency ownership, potentially reaching between 850 and 950 million individuals.
In the weeks to come, DASH and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC) and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to DASH demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Technical analysis for DASH
DASH has advanced from $24.40 to $36.35 since October 19, 2023, and the current price stands at $32.19. Despite the current correction, traders should keep in mind that as long the price of DASH is above the trend line which I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for DASH
On this chart (the period from July 2023), I marked important support and resistance levels that can help traders understand where the price could move. DASH is currently trading below its recent highs, but if the price jumps above $35, the next target could be resistance at $40.
The important support level is $30, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $27. If the price drops below $25, which represents another important support level, the next target could be $20 or even below.
What speaks for the rise in the DASH price
The important reason for DASH’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $35 would be beneficial.
There’s widespread anticipation among crypto analysts for the imminent approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Should this approval materialize, the price of DASH will likely experience further increases. Should the price of DASH surpass $35, the subsequent significant resistance level at $40 might become the next target.
What indicates a downfall for DASH
DASH whales increased their activity over the past several days, which demonstrates renewed interest and confidence in DASH, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.
DASH is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The important support level for DASH stands at $30, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to the next support that stands at $25.
What do analysts and experts say?
DASH is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since October 19, this cryptocurrency has surged more than 30%. There is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and many analysts say that it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024 which should be also positive for DASH.
As 2024 approaches, market strategists at Bitfinex have showcased a positive outlook toward Bitcoin and cryptocurrencies overall. They acknowledge their endurance amidst regulatory and reputational hurdles.
Bitfinex analysts said that the crypto market currently fluctuates between periods of greed and regulatory considerations and is poised for an upward trend, potentially doubling its market capitalization.
There’s also an expectation of a substantial rise in worldwide cryptocurrency ownership, potentially encompassing a range of 850 to 950 million individuals. Researchers suggest that this surge underscores the increasing embrace and integration of crypto assets into conventional economic activities.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.