The cryptocurrency market is currently range-bound, with Bitcoin hovering near $91,800 and Ethereum holding above $3,130, as traders await the next major macroeconomic catalyst. The total market capitalization sits around $3.13 trillion with 24-hour volume near $98 billion. In this environment, momentum has rotated towards specific altcoins, with privacy-focused tokens Dash (DASH) and Monero (XMR) leading the gains.
Dash (DASH) experienced a significant surge of over 20% in 24 hours, with its Open Interest skyrocketing by 55%. The token broke out from a tight consolidation range, reclaiming its 200-day moving average and pushing towards the key local resistance zone between $50 and $52. Daily trading volume spiked by 120%, indicating renewed trader interest. Technical indicators show the MACD signaling rising buying pressure, though overall volume remains a concern for sustaining the breakout. A daily close above $44.74 (the 50-day MA) could pave the way for a test of the $51.64 target.
Monero (XMR) has been on a sustained rally since the start of the year, recently setting a new all-time high and rising 13.57% in the past day. The token is now in a price discovery phase, with strong accumulation by traders reflected in rising Accumulation/Distribution levels. The weekly RSI has entered overbought territory, suggesting intense bullish momentum. Analysts believe the focus on privacy tokens could propel XMR towards $700 and potentially a four-digit figure in the near future.
The rally in privacy tokens appears interconnected. Analysts suggest Dash's short-term surge is likely driven by sector-wide enthusiasm following Monero's leadership and new ATH. Market data shows high spot demand for DASH in the past 24-48 hours, but negative funding rates, which could set up a potential short squeeze scenario that might push prices toward $52.
However, caution is advised. For Dash, the $50-$52 zone has historically acted as strong resistance, rebuffing buyers in early December. Trading volume, while spiking recently, has been consistently below its 20-period moving average on higher timeframes, which analysts view as a warning sign. The final week of December saw similar conditions—high Open Interest, spot CVD, negative funding, and a challenge of the $50 zone—which ultimately failed to produce a sustained breakout.
Other notable gainers include Story (STORY), up 15.25% and aiming for $3.5, alongside MYX Finance and Chiliz (CHZ), which are also tracking higher. The overall market dynamic suggests traders are chasing strength in specific sectors rather than deploying capital broadly.
