DASH coin price prediction: Uptrend or flatline for the altcoin?
DASH paved the way for numerous competitors over the years. Has it managed to stand its ground?
- What is DASH all about?
- DASH: Key figures
- How has DASH performed recently?
- What are the analysts saying?
What is DASH all about?
The Dash coin (DASH on the trading markets) is the native cryptocurrency of the Dash blockchain, the Bitcoin-forked, payments-focused protocol launched in 2014 that spawned numerous imitators.
Created by developer Evan Duffield, who is based in Phoenix, Arizona, Dash set out to trounce Bitcoin’s sluggish 10-minute transaction times. Furthermore, its novel (for the time) two-tiered masternode infrastructure touted superior user privacy compared with Bitcoin’s one-to-one transaction system.
Since then, numerous competitors, including Monero and Zcash, have entered the fold.
Dash became highly popular as a payment alternative in Venezuela when the country’s fiat currency, the bolívar, crashed.
The DASH coin powers the point-of-sale (POS) DashApp, a US-only, in-store payment option that is becoming increasingly popular among vendors.
We have tons of information, including a peek at the technology underpinning the DASH coin, over at our in-depth Dash explainer.
Stay with us as we dive into the latest DASH figures and the DASH crypto price prediction.
DASH: Key figures
Let’s go over a few key facts before continuing our DASH coin price prediction.
Dash is currently priced at $184. With a circulating supply of 10,457,710, its $1.92bn market capitalisation places it as the 84th largest cryptocurrency by capitalisation.
A total supply of 18.92 million DASH will be created in its lifespan. New tokens are created through the energy-intensive Proof-of-Work (PoW) mining algorithm. Specifically, the custom X11 PoW protocol was developed by Duffield.
According to Dash’s Q2 statement in July 2021, the volume of transactions processed with DASH amounted to $6.48bn (up 78% year-on-year) from 90,800 active addresses and a medium 29,000 transactions performed per day.
Current 24-hour trading volume is $310.8m, or 16% of market capitalisation.
DASH is used to distribute mining rewards. But in contrast to Bitcoin, miners only receive 45% of mined rewards, with another 45% distributed to the masternodes (which act as a security layer and governance system). The remaining 10% is used for operational costs.
(Figures sourced from CoinMarketCap.)
How has DASH performed recently?
So what is DASH looking like on the chart? DASH benefitted from the crypto bull trend in the first quarter of 2021, shooting up to a $476 high on 7 May, a nearly sevenfold yearly climb.
We can observe a downtrend since the end of the first-quarter bull run as the chart made a descending channel pattern until 7 November, when a hammer pre-empted an impressive two-day run.
Uptrends were resisted in late August and early November and a painful almost 20% dip on 7 September has yet to be fully recovered.
A relative strength index (RSI) of 44.62 is a good sign that DASH is neither overbought nor oversold. The last danger zone occurred during the 7-10 November run.
The shorter moving average crossed below the 21-day moving average on 21 November, a sign of a bearish market. Current movement does not suggest a recovery crossover in the short term.
The moving average convergence divergence (MACD) line also suggests a bearish trend continuing for the short term.
A $175.6 support line can be observed, being the point at which a downtrend was resisted on 19 November.
Put together, it could be argued that the DASH coin price prediction for the short term continues to be bearish or neutral. If the support line is held, it may enjoy another brief uptrend. Although a return to 2020 highs of over $400 are highly unlikely.
What are the analysts saying?
The DASH coin price prediction for 2022 at Digitalcoin forecasts robust growth of 79% against current prices, capping out at $332.36.
A DASH coin price prediction for 2030 is not provided, but the online forecaster gives a DASH coin price prediction for 2025 of $540.80; an increase of almost three times current trading value.
Given the recent descending channel trend observed on the chart, however, buying sentiment is currently in the strong sell zone. Evidently, Digitalcoin’s DASH price prediction is bearish in the short term.
At WalletInvestor’s DASH coin price prediction, a 12-month price target of $265.9 is presented, rising to $597.7 over the five-year period. Forecaster sentiment is slightly bearish.
Please be aware that DASH coin price prediction forecasts are highly speculative and do not constitute genuine investment advice.
All in all, it is a mixed bag for the DASH price prediction. While analysts are generally positive of a long-term return on investment, more recent performance suggests that DASH could go either way.
It is unlikely that the price of DASH will rise considerably in the short term. However, online forecasters are generally bullish about DASH’s long-term prospects. Whatever you choose to do, please keep in mind that crypto assets are highly volatile and prices can go up and down unexpectedly. Invest with caution.
Most forecasters agree that it will in the long term, but short-term predictions are fairly modest. Make sure to do your research before making an investment decision.
That is totally up to you! As with all crypto assets, returns can be large, but you can also stand to lose your capital. Whatever you do, make sure to only invest as much as you can afford to lose.