Why did DASH Rise by Over 15% in 15 Minutes?
DASH, one of the earliest and adopted coins, defied gravity on July 19 by surprisingly jumping over 15 percent. This unexpected price surge caught traders unaware as there wasn't, up to this point of writing, related news explaining the spike in trading volumes and prices.
From a technical perspective, the layout in the daily chart now turns price action in favor of buyers. This is because, for the first time in over five weeks, DASH prices are trading above important resistance lines, unwinding steep losses of June. The uptick in trading volumes also points to an inflow of buyers. This development cements bulls, possibly suggesting the end of the two-month downtrend traced back to mid-April 2021.
Fundamentally, DASH is categorized as a private coin, though the anonymous feature is not default. Transactors are free to choose whether to send funds pseudonymously or privately. It is a selling point that the Dash Foundation isn't particularly proud of because of regulations.
Nonetheless, by marketing itself as 'digital cash' and finding use, especially in Venezuela, Dash is preferred by many users across the globe. The United States and Treasury Secretary, Janet Yellen, wants to formulate laws to govern stablecoins. Yesterday's assembly, some analysts say, might have forced spot block buys of DASH, forcing prices up.
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