Privacy coin DASH has once again crossed above the $72 resistance level after it produced a dead cat bounce just a few weeks ago. DASH was able to push past the critical resistance level with the overall trend favoring the privacy tokens, and DASH, on the other hand, made some collaborations. If the token secures support at $72, it could hit three-digit figures.Ā
As the regulatory framework across the crypto sector gets tighter by the day, the crypto community is searching for privacy and anonymity. On the lookout for confidentiality, the community stumbled upon privacy coins like Zcash, Monero, and DASH, which have been trending during these days.
Apart from the broader market shift, which tilted in favor of the privacy coins, whereby DASH appreciated, there was also a collaboration that got the token moving. Just a few days ago, Alchemy Pay, a payment gateway, integrated DASH into its fiat on-ramp services. With this integration, users can now buy DASH tokens directly using their local currency.Ā
As such, DASH tokens can now be bought across 173 countries using more than 50 fiat currencies and over 300 payment channels, including card payments, mobile wallets, and regional bank transfers.
Despite the collaboration and the overall market sentiment, which favors privacy coins, DASH has been crashing on the four-hour chart. As shown in the chart below, it formed a double top bearish pattern.Ā
DASH looks bearish on short time frame
Now that DASH has reached the lower trendline of the pattern, a conventional breakout would crash the prices to $55. However, when looking at the weekly chart, which filters all the wild fluctuations and jagged movements, the situation is not that bearish.
On the weekly chart DASH has broken above a significant resistance level at $72. Based on historic data, this level was acting as a launchpad to catapult the prices above the three-digit level. The last time DASH crossed this level, the bears brought the prices down.
Once again, the bear pressure is mounting, and DASH needs to hold onto this level if it is to hit values above $100; otherwise, this would also become a dead cat bounce, which is a reflex spike and not a trend.Ā
As DASH struggles at $68, the $64 level is the support to watch out for. If DASH crashes below this level, then it will find support far below at $35.
