Dash Price Plummets 23%, Cryptocurrency Investors in 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. 

The crash in the blue-chip cryptocurrencies triggered a panic among investors. Moreover, altcoins also followed the market leaders and plummeted similarly. 

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. 

Open Interest Contracts Drop Over 30%

Dash is on a five-day losing streak after the price slipped below the short-term 20-day 50-day EMAs. 

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. 

The OI data has dropped by over 30% in the recent session. It highlighted a long unwinding among the short-term traders and investors. 

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. 

Dash Price Might Fall to a Multi-Year Low Level

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%.

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. 

The EMA analysis showed that the price lags the 200-day EMA by 25%. It suggested the domination of the bears over the trend. 

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.  

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. 

A 30% drop in the Open interest data reflected long unwinding among the speculators. 

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.

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