Dash [DASH] is slipping, and this time it doesn’t look like a routine pullback. The market feels quieter than it should during a healthy dip.
Meanwhile, some long-dormant coins have started to move again, which has so far only happened during uncomfortable moments in past cycles.
Is the tone around DASH changing?
DASH gets nudged out of the spotlight
Only a week after its mammoth 100%+ surge, DASH slid toward the $69 level after failing to hold recent highs. On the daily chart, DASH was above its longer-term MAs at press time, but the rally lost strength.
The RSI went from overheated to near neutral, while the MACD histogram began to fade. The possibilities of upside are decreasing.
Source: TradingView
Aggregated Open Interest flattened at around $90 million; traders are closing positions instead of adding bets. At the same time, Funding Rates were negative, so short sellers were still willing to pay to stay in their trades.
Source: Coinalyze
Considering the data, it looks like participation is clearly drying up. DASH is losing attention, and its huge rise and quick fall in the last week is a cause for concern.
Older coins are awake!
There was a spike in Dash’s CDD Multiple in November, which means that coins inactive for years suddenly moved.
Per Joao Wedson, CEO, Alphractal, these surges tend to appear close to market tops, and are the start of longer distribution phases.
Source: X
Activity has calmed since, but the alarm itself is still relevant considering how long-term holders usually move late in the cycle.
The stock of lost coins has gone flat after years of growth, so previously untouched supply is re-entering circulation.
Source: X
As Wedson noted in his X post, this process can stretch over weeks or months. But when you consider the loss in interest, it tilts risk to the downside.
Final Thoughts
- DASH price risk is rising.
- Long-dormant DASH coins moving again adds late-cycle pressure.
Credit: Source link