DASH has done what a clean long setup asks for: it swept a low, held a demand zone, and now has to prove it can stay above it.
On the chart, price dipped to about $50.05 early today, taking out the $50.80 low that was marked as a liquidity sweep, then bounced to $51.06. Underneath sits a demand zone from $49.45 to $50.04, the area where DASH based on October 24 before running up. The idea the chart lays out is a long from that zone with a stop at $49.13, just under it, and a target at $55.97, the October 23 high. That works out to roughly 6.5 times the risk, by my math.
What stands out to me is that the move has some fundamental noise behind it, not only structure. DASH reportedly rallied about 8% toward $55 on October 23 on an AIBC award nomination, with voting ending today, and the network launched Orchard shielded transaction support on October 15 after a five-month build. Neither changes where demand sits, but they help explain why buyers showed up near $50.
The counter-argument is that the target is far. A rally of about 10% from here has to clear the $52.5 to $54 area where sellers stepped in on October 25, and the whole market is leaning on BTC holding $80K. A close below $49.13 would void the idea.
I’d watch how price behaves around $50 over the next sessions. Holding the zone while BTC stays calm keeps the setup alive. An award vote ending today isn’t a catalyst I’d lean on.
On the chart, price dipped to about $50.05 early today, taking out the $50.80 low that was marked as a liquidity sweep, then bounced to $51.06. Underneath sits a demand zone from $49.45 to $50.04, the area where DASH based on October 24 before running up. The idea the chart lays out is a long from that zone with a stop at $49.13, just under it, and a target at $55.97, the October 23 high. That works out to roughly 6.5 times the risk, by my math.
What stands out to me is that the move has some fundamental noise behind it, not only structure. DASH reportedly rallied about 8% toward $55 on October 23 on an AIBC award nomination, with voting ending today, and the network launched Orchard shielded transaction support on October 15 after a five-month build. Neither changes where demand sits, but they help explain why buyers showed up near $50.
The counter-argument is that the target is far. A rally of about 10% from here has to clear the $52.5 to $54 area where sellers stepped in on October 25, and the whole market is leaning on BTC holding $80K. A close below $49.13 would void the idea.
I’d watch how price behaves around $50 over the next sessions. Holding the zone while BTC stays calm keeps the setup alive. An award vote ending today isn’t a catalyst I’d lean on.
