Ethereum

Cryptocurrency

Million

Dash

Frenzy

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, losing over 9%. On the contrary, Ethereum unfolded by over 12% to $2350 in intraday.&nbsp; 
The crash in the blue-chip cryptocurrencies triggered a panic among investors. Moreover, altcoins also followed the market leaders and plummeted similarly.&nbsp; 
Dash price has slumped in the recent sessions, losing nearly 23% in the last five sessions. It was hovering near a critical zone, which, if breached, more drop might be experienced. Whereas, if the price bounces off, it may head for a recovery.&nbsp; 
<h2 class="wp-block-heading" id="h-open-interest-contracts-drop-over-30">Open Interest Contracts Drop Over 30%</h2> 
Dash is on a five-day losing streak after the price slipped below the short-term 20-day 50-day EMAs.&nbsp; <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (DASH), Price (DASH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=dash&amp;pt=DASH&amp;df=2024-07-28T18%3A30%3A01.161Z&amp;dt=2024-08-05T18%3A29%3A59.161Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
Moreover, with the price decline, there has been a significant drop in the open interest contracts, as per the Santiment. Analysis showed that the OI data has dropped from $7.7M to $5.1M in the last five intraday sessions.&nbsp; 
The OI data has dropped by over 30% in the recent session. It highlighted a long unwinding among the short-term traders and investors.&nbsp; 
Furthermore, the transaction volume has grown by 94.3% to $59.34 Million a day. It ranked 148th with a live market capitalization of $263.37 Million at press time.&nbsp; 
<h2 class="wp-block-heading" id="h-dash-price-might-fall-to-a-multi-year-low-level">Dash Price Might Fall to a Multi-Year Low Level</h2> 
The daily chart highlighted the Dash price at risk of falling to a multi-year low. It hovered close to $21.9 at the time of writing, recording a swift intraday loss of 1.6%.  
<a href="https://in.tradingview.com/chart/DASHUSD/N5W5ZzWZ-Dash-Price-Plummets-23-Cryptocurrency-Investors-in-Frenzy/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
On the lower side, the $20 level may act as critical and psychological support. The bulls need to defend to keep the turn in their favor.&nbsp; 
The EMA analysis showed that the price lags the 200-day EMA by 25%. It suggested the domination of the bears over the trend.&nbsp; 
If the price breaks below the $20 level, it may slump toward the next major support of the $15 level. When writing, the MACD line was placed below the zero line, suggesting a prevailing bearish trend.&nbsp;&nbsp; The broader crypto market crashed due to fear of recession. Bitcoin and Ethereum lost over 9% and 12%, respectively, triggering fear in the market. The Dash crypto crashed nearly 23% in the last five days.&nbsp; 
A 30% drop in the Open interest data reflected long unwinding among the speculators.&nbsp; 
The trading volume was also high, but the price has been at risk of falling to a multi-year low. The Bulls need to defend the $20 support level. Otherwise, the price may fall to $15. 
The post <a href="https://www.thecoinrepublic.com/2024/08/09/dash-price-plummets-23-cryptocurrency-investors-in-frenzy/">Dash Price Plummets 23%, Cryptocurrency Investors in Frenzy</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Dash Price Plummets 23%, Cryptocurrency Investors in Frenzy

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