DASH has continued its upward trend in recent trading days, and market attention is now shifting beyond just price performance. Latest derivatives data shows that open interest in the token increased by 16% in the past 24 hours, reaching approximately $37 million, indicating rising participation.
Buying activity is also increasing in both the spot and futures markets. The report cites data showing that the cumulative volume difference (CVD) for DASH spot trading indicates a buyer-dominated market, meaning that the driving force behind the price movement is more from active buying than just short-term rallies driven by short covering.
Buying activity appeared simultaneously in both spot and futures markets.
When both spot and futures traders increase their holdings, it usually indicates an improvement in market sentiment. Compared to rebounds driven solely by position closing, this type of movement is often more likely to continue because it corresponds to the entry of new funds.
From the current structure, DASH's upward pace is more stable than before, with buying support remaining even after intraday pullbacks. This performance typically indicates that market participants are still willing to accumulate within the current range, thus gradually strengthening the price structure.
The area around $58 will become the next resistance level.
As momentum builds, the market is turning its attention to the area around $58. The report suggests this area is the next major resistance level on the chart and also a significant concentration of liquidity.
- Open interest increased by 16% in the last 24 hours.
- The holdings increased to approximately $37 million.
- The next major resistance level is around $58.
Historically, similar areas have often seen stronger selling pressure, as some short-term traders choose to take profits near resistance levels. For DASH, this means that even if prices continue to rise, a more pronounced battle between bulls and bears is likely to occur around $58.
Increased open interest strengthens short-term bullish sentiment.
A rise in open interest usually indicates that new funds are entering the market, rather than existing positions being passively closed out. If price increases and open interest increase in tandem, it is often seen as a short-term bullish signal.
The report also noted that there is a liquidity cluster of approximately $233,000 around $58, further reinforcing the importance of this level. If buying continues, the DASH price has the potential to gradually approach this area; however, once it approaches the resistance zone, selling pressure may intensify.
