Privacy coins such as DASH came under the spotlight due to their association with cybercriminals who prefer them for ransom payments from companies and individuals. These coins are private because the transactions on their blockchain cannot be traced by outsiders; hence law enforcement agencies cannot trace the identities of those who receive payments in these coins.
The coin is trading at $277.77 at the time of writing after a 16.9% gain in 24 hours.
DASH Price Analysis
The gains made by DASH in the past 24 hours have led to a significant spike in value. The token has managed to break past major resistance levels, with buyers rallying up more support for the coin.
The coin had managed to reach $300 and go beyond this point. However, bulls could not hold the coin at this level, which retreated to the current price. However, we could see the coin retesting $300 again because of overwhelming support from the broader market.
If it manages to break past $300, buyers could rally up and buy, creating new monthly highs. On the other hand, DASH could also fail to hold the high levels and instead retreat to new lows. If bears resume, the coin will retest the lower support at $250. However, we expect that retreating to this low level will trigger massive buying with the overall bullish sentiment.
The token is a peer-to-peer cryptocurrency that is also a fork from bitcoin. The cryptocurrency was created to speed up transactions and ensure users are offered more privacy. The token and other privacy coins have become very common with crypto users who value their anonymity because the coin transactions are private and hidden from prying eyes.
Because of the evolving crypto regulatory landscape, it remains to be seen whether privacy coins such as the coin will withstand the changes. Anti-money laundering regulations could interfere with the privacy that these coins want to offer to users.
Where to Buy DASH
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