The beginning of the 2023 year has been very successful for DASH, and the price of this crypto added more than 80% to its value in the period from January 01 to February 16.
Since then, the price of DASH has continued to move in a downtrend, and bears continue to control the price movement. DASH is a highly risky investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses for investors.
It’s essential to conduct thorough research, understand the risks, and only invest what you can afford to lose when considering investing in DASH. But where is the price of DASH going next, and what can we expect from October 2023?
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.
Low fees and instant transactions
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.” Dash is based on a decentralized and open-source blockchain platform, and many crypto experts say that Dash has a bright future because it solves two of Bitcoin’s biggest problems: the speed of transactions and the lack of privacy.
Dash utilizes a two-tier network to improve the efficiency and speed of transactions, and it is important to say that transactions with Dash are secure and visible to the entire network in under 1.5 seconds. Another important feature of Dash is that its cryptocurrency cannot be traced, and the coin’s history cannot be accessed. Dash is used around the world as a practical alternative to credit cards, and businesses of all shapes and sizes accept it. Dash does not face problems with exchange rates, bank holidays, bureaucracy, or hidden fees, and it is especially popular in regions where technical access barriers exist to traditional payment systems.
Positive information is that Dash completed its halving in June 2023 at block height 1,892,161, and the current block reward is 2.3097 DASH. Dash has a treasury system that allocates a portion of the block rewards to fund projects voted on by the community. This allows for decentralized governance and development. On the Dash blockchain, the block reward for miners is halved about every 840,000 blocks or every four years.
The halving event is important for DASH because it affects how many new coins are issued, affecting the dynamics of cryptocurrency supply and demand. Even though Dash has completed its halving, the price of this cryptocurrency remains in a bear market, and many analysts say that the fact that investors have lost interest in accumulating DASH indicates that we could see low prices for this cryptocurrency in the weeks ahead, especially if Bitcoin continues to maintain a downside trajectory.
When the price of Bitcoin drops, that usually has a negative influence on the price of DASH and on the rest of the cryptocurrency market, but we can also not forget that regulations on the cryptocurrency market can be a threat to this cryptocurrency in the future. Legal expert Bill Morgan recently criticized the SEC’s approach to digital asset regulation, and he highlighted the years of uncertainty created by the SEC as it failed to provide regulatory clarity on crypto assets, including DASH and XRP. Bill Morgan added:
“An investor who bought DASH in 2014 finds out for the first time in 2023 that the SEC alleges the DASH token is a security from a complaint “filed against a foreign company operating a foreign exchange where Dash is sold to foreign customers. Nine years of uncertainty then suddenly DASH is alleged by the SEC to be a security. And this after there was no indication that PoW tokens which are mined were securities.”
SEC will make some key decisions in October
As October approaches, crypto investors will have their eyes set on the U.S. Securities and Exchange Commission (SEC), as it has some key decisions to make that could invariably affect the crypto industry. The SEC is expected to decide by October 13 whether or not to appeal the ruling in its case against asset manager Grayscale, while the second deadline for several pending spot Bitcoin ETF applications is also in October. Some notable dates include October 16 and 17, and the SEC approval of such ETFs would significantly boost demand for Bitcoin, which could positively influence the price of DASH and many other cryptocurrencies.
DASH has had a volatile journey this year, facing numerous technical and fundamental challenges, while the price downturn has left many investors wondering whether the token is still worth investing in. Not long ago, DASH was trading above $75 ( February 2023), but since then, the price of DASH has been decreasing, and despite the current jump, the risk of another decline still persists. Economists are warning that many central banks (especially the Fed) will hold interest rates at restrictive levels for longer, and because of this, they expect a recession that could hit financial markets. DASH remains a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
Technical analysis for DASH
DASH has weakened from $77.81 to $21.79 since February 16, 2023, and the current price stands at $27.76. DASH might have a hard time holding above the $25 level in the upcoming days, and a break below this level would indicate that DASH could probably test the price level at $20. On the chart below, I marked the trendline, and as long the price of DASH is below this trendline, we can’t talk about a trend reversal, and the price of DASH remains in the SELL-ZONE.
Important support & resistance levels for DASH
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. DASH remains under pressure, but if the price advances above the resistance that stands at $30, the next target could be an important resistance level at $35. The current support level is $25, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $22. If the price drops below $20, which represents a very important support level, the next target could be located around $15.
What speaks for the rise in the DASH price
The upside potential for DASH probably remains limited for October 2023; still, if the price advances above $30, the next target could be resistance at $35. A move above $40 would be beneficial for the bulls to remain in control of price movement. The overall sentiment on the cryptocurrency market plays a very important role in DASH’s price trajectory, and if investors regain confidence further, an upside potential could benefit DASH.
The U.S. Securities and Exchange Commission (SEC) will have some key decisions in October, including decisions for several pending spot Bitcoin ETF applications. October 17 is the second deadline for the SEC to decide on the iShares Bitcoin Fund, VanEck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust, and the SEC approval would certainly positively influence the price of DASH and many other cryptocurrencies.
What indicates further downfall for DASH
There has been a significant drop in the number of whale transactions for DASH in the last several months, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects. The price of DASH is currently trading above $25, but a break below this level would indicate that DASH could probably test the price level at $22 or even the important support level that stands at $20.
The highly volatile nature of the cryptocurrencies may scare investors again to sell DASH if some negative news happens in the cryptocurrency market – like the SEC rejected approval for Bitcoin ETF applications and it is important to say that analysts already expect that the SEC will again choose to delay its decision on applications which I mentioned above, with the next deadline for a decision coming next year.
What do analysts and experts say?
DASH has been moving in a downtrend since February 16, 2023, and many crypto analysts say that the fact that investors have lost interest in accumulating DASH indicates that we will continue to see low prices for this crypto. DASH is a highly risky investment, and its price can fluctuate dramatically over short periods, leading to substantial gains or losses for investors. It’s essential to conduct thorough research, understand the risks, and only invest what you can afford to lose when considering investing in DASH. There are also expectations of “market turbulence” from looming recession concerns, and many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies.
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.