Dash saw significant volatility on Tuesday, even as the broader crypto market, including privacy focused coins, posted gains.
DASH surged as much as 61% on a breakout that liquidated $4.9 million in shorts in the last 24 hours, with open interest surging 150% in this time frame, reaching $131.22 million.
The privacy token sharply rose from $39.21 to $69.22, posting a massive green candlestick on the daily chart. The move extends a recovery from Sunday’s low of $36.59 following a broader privacy sector rally.
DASH’s surge, about 63%, is buoyed by exchange listings, technical breakout and ecosystem developments.
DASH/USD Daily Chart, Courtesy: TradingViewAlchemy Pay has partnered with Dash to enable global fiat on-ramp access to the cryptocurrency. With Alchemy Pay’s payment infrastructure, users can acquire DASH across 173 countries, supported by over 50 fiat currencies and 300 payment channels.
A look through the official X account of DASH also reveals new exchange listings.
Capital rotation among privacy coins might have also contributed to Dash’s price surge, as Monero recently set a new all-time high.
Short squeeze?
After months of decline followed by range trading, DASH saw a breakout surpassing its daily MA 50 and 200 at $44.99 and $38.99 in a move obviously fueled by a short squeeze.
This is seen in liquidation data, with $4.9 million in shorts liquidated over the last 24 hours compared to $1.74 million in longs.
DASH volume on the derivatives market has surged 2,333%, reflecting increased activity. At press time, DASH was trading at $60.
Boosting positive sentiment, Dash teases major developments, including a decentralized social media site (like X) that has peer-to-peer tipping, users owning all data, encrypted DMs and social interactions.
Source: https://u.today/privacy-token-dash-explodes-by-61-in-hours-catalyst-revealed
