Dash Price Plummets 23%, Cryptocurrency Investors in FrenzyDash Price Plummets 23%, Cryptocurrency Investors in Frenzy
The broader markets have experienced a heavy selloff in the last couple of sessions.
Dash price is on a 5 day losing streak eroding nearly 23% of its value in the period.
The broader markets crashed in the last couple of sessions after the investors feared a recession. At the time of writing, Bitcoin was exchanging hands close to $53.1K having lost over 9% whereas Ethereum unfolded by over 12% to $2350 in intraday.
The crash in the blue chip cryptocurrencies triggered a panic among the investors. Moreover, the altcoins also followed the market leaders and plummeted the same way. Dash price has slumped in the recent sessions losing nearly 23% in the last five sessions.
At the time of writing, Dash price was hovering near a critical zone which if breached more worse in the price may be experienced. Whereas, if the price bounces off, it may head for a recovery.
Open Interest Contracts Drops By Over 30%
Dash price is on a five day losing streak after the price slipped below the short term EMA of 20 and 50 days. Dash cryptocurrency is an open-source blockchain focused on offering a fast, cheap global payments network that is decentralized in nature.
Moreover, In tandem with the price decline, there has been a significant drop in the open interest contracts as per the app.santiment.net. On analysis, it was observed that the OI data has dropped from $7.7 Million to $5.1 Million in the last five intraday sessions.
The OI data has dropped by over 30% in the recent session highlights a long unwinding among the short term traders and investors. Furthermore, the transaction volume has grown by 94.3% to $59.34 Million a day. It ranks 148th with a live market capitalization of $263.37 Million.
Dash Price At The Risk Of Falling TO A Multi Year Low.
The daily chart highlights Dash price at a risk of falling to a multi year low. At the time of writing, DASH was hovering close to $21.9 recording a swift intraday loss of 1.6%.
On the lower side, the $20 level may act as a critical and psychological support which the bulls need to defend in order to keep the turn in their favor. The EMA analysis shows that the price lags 200 day EMA by 25% suggesting the domination of the bears over the trend.
Now, if the price breaks below the $20 level it may slump towards the next major support of $15 level. At present time, the MACD line was placed below the zero line suggesting a bearish trend prevailing.
The broader crypto market crashed due to recession fears. Bitcoin and Ethereum lost over 9% and 12% respectively triggering fear in the market. Dash crypto crashed nearly 23% in the last five days. A 30% drop in the Open interest data reflects long unwinding among the speculators.
Additionally, the trading volume is high but price is at risk of falling to a multi-year low. Bulls need to defend $20 support level, otherwise price may fall to $15.
