DASH coin price prediction: Uptrend or flatline for the altcoin?
DASH paved the way for numerous competitors. 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) is the native cryptocurrency of the Dash blockchain, the Bitcoin-forked, payments-focused protocol that was launched in 2014 and has 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 also powers the point-of-sale (POS) DashApp, a US-only, in-store payment option that is becoming increasingly popular among vendors.
We have tonnes more information, including a peek at the technology underpinning the DASH coin, over at our in-depth Dash explainer. Otherwise, stay with us as we dive into the latest DASH figures and the Dash coin price prediction.
DASH: key figures
Let’s go over a few key facts before continuing our dash price prediction.
DASH is currently priced at $46.95. With a circulating supply of 10,783,221.54, its $536m market capitalisation makes it the 72nd-largest cryptocurrency by capitalisation.
A total supply of 18 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 second-quarter 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, with a median 29,000 transactions performed per day.
The current 24-hour trading volume is around $89m, or just under 18% 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.
How has DASH performed recently?
So what is DASH looking like on the chart? DASH benefited 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.
What is your sentiment on DASH/USD?
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.
On 1 January 2022, the coin opened at $134.02 and hit a brief high on 11 January of $155.27. A general downtrend followed and on 7 March, the coin was trading at a new 15-month low of $84.03. Better news was to come in the following weeks, and after breaching the psychological level of $100 around 19 March 2022, the coin was on a significant bull run, hitting $137.49 towards the end of March.
However, a steep market correction followed and as of 22 June 2022, the coin was trading at $46.95.
According to a panel of 26 indicators published by DigitalCoinPrice, 10 suggest selling (the majority of SMAs, EMAs, etc.), 11 suggest holding (RSI and MACD) and five suggest buying (VWMAs and Hull Moving Average).
Put together, it could be argued that the DASH coin price prediction in the short term continues to be bearish, and a sudden return to 2020 highs of over $400 is unlikely.
What are the analysts saying?
The DASH coin price prediction for 2022 at DigitalCoinPrice forecasts robust growth of almost 50% against current prices, capping out in July at $70.18.
The same forecaster gives a DASH coin price prediction for 2025 of $89.56, an increase to nearly double the current trading value. The DASH coin price prediction for 2030 is an average of $215.19.
WalletInvestor’s Dash price predictions include a 12-month price target of $67.05, rising to $157.26 over the five-year period.
Changelly provides an optimistic short-term forecast, suggesting: “According to the technical analysis of Dash prices expected in 2022, the minimum cost of Dash will be $69.37. The maximum level that the DASH price can reach is $80.29. The average trading price is expected around $71.59.”
Please be aware that DASH crypto price prediction forecasts are highly speculative and do not constitute genuine investment advice.
While analysts are generally positive regarding 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 near future. However, online forecasters are generally bullish about DASH’s 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 increase 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.