Dash Outperformed Major Coins, But Fell To $71 Quickly

The price of Dash outperformed a lot of major coins over the past couple of days, and the recent rejection from levels slightly above $80 finds support at the $71 level. As the crypto news show, this coin is in a bullish phase on Wednesday during the Asian hours.

Even though the gains that Dash accrued in the day are subtle, they remain significant in comparison to other coins such as Bitcoin, Ethereum and Ripple. Now, we can see that Dash is trading at $71 with losses of 2.41% on the day. This positioned the coin downwards of the previous price of $72.20 which was its opening value amid the expanding volatility.

On the 4-hour chart, we can see that DASH/USD recently slipped under the ascending trendline support. Now, it is seeking support above the 50-day SMA. Next in line to this support is the $70 level. In case of a reversal soon, Dash will be positioned upwards.

Dash outperformed major coins, and the RSI is currently moving sideways at 55 after a retreat when the price hit levels marginally above $80. This shows that the sideways trading or consolidation is expected above $70 ahead of the next breakout above $80. Since the bulls tested the levels above $80 last week, a spike of the same magnitude could easily catapult the coin towards $100.

Still, it is worth noting that bulls should not be very confident as the selling pressure has not been entirely ousted. We can see that a bearish session may be initiated soon – in other words, bears are still here and may wake up in the coming sessions.

All of this means that Dash outperformed many coins with its recent growth – but is not an indicator that guarantees further bull runs in the days ahead. In the Dash news now, we can see that the coin is at the 20th place of the total market cap list, right above Ethereum Classic (ETC) which is at $5.23 today and right below Crypto.com Chain (CRO) which is at $0.0491 with similar losses on the day.

The entire top 20 list today seems to be bleeding, and most of the coins are heading to a lower reversal. The biggest loser is the 11th placed Chainlink (LINK) which wiped away its recent gains and managed to decline by 4.53% to a new price of $3.20.