Dash Breaches the Price Trend Due to Bearish Set Back
Dash, at the press time, was trading around $68 after a gradual pull down from the 2-month high marked at $107.93, while currently trades below $70, with a price pull of over 35%. Dash has drawn a significant downtrend on a 5-hourly chart against the US Dollar, and it was in the previous month when the DASH coin hit support as low as $64.27.
Dash is believed to be real money amongst the top 30 cryptos of the market and is accepted as a payment source on many platforms. Moreover, it was just yesterday when DASH was added to international Over the Counter desk for many institutional holders by Secure Digital Markets. This will lead to an increase in the adoption of OTC trades, and with over $2 billion OTC trades recorded by Secure Digital Markets, Dash is likely to gain notable impetus.
Institutional liquidity provider @SD_Markets adds #DASH to international OTC desk that caters to institutional holders.
Secure Digital Markets is a global digital asset trading platform for institutions that has completed over $2 billion in OTC trading.https://t.co/3UZdj45EnD pic.twitter.com/NOWhyFVWEr
— Dash (@Dashpay) October 1, 2020
Additionally, LocalCryptos—the world’s most popular non-custodial crypto marketplace, has also recently added DASH to its global P2P marketplace to increase its adoption and amplify one’s trade of the top 30 cryptos of the market.
LocalCryptos Add Dash Trading To Global Crypto P2P Marketplace.
You can now trade #DASH on the most popular non-custodial P2P crypto marketplace @LocalCryptosENhttps://t.co/Me8WKEyb0R
— Dash (@Dashpay) October 1, 2020
Dash Price Analysis
On the above 5-hourly chart, DASH was seen trading below 61.80% Fib Retracement level with a confirmed downtrend drawn from the 2-month marked above $100 in August 2020. However, it was just in August when DASH/USD was seen drawing a descending price channel until a steep setback of the price when the price dipped as low as $64.
Read more CryptoNewsZ’s Dash price prediction to know how the coin performs on a long-term basis.
The bearish sentiment remains strong as it continues to consolidate below the 61.80% fib level. Therefore, the descending price channel was breached, and on the given 5-houly chart, the coin holds no support from SMA50 & SMA200.
However, if we take note of the daily chart of DASH/USD, we see the notable pullback from over the past two months as the previous quarter turned out to be extremely volatile. The currency tested YTD supports as low as $35 during the major market crash in March and resorted to consolidation before reclaiming to 5-month high in August. However, DASH lacks momentum to reclaim the YTD high that it had hit at the onset of the year.
Currently, due to confirmed bearish sentiment, the price trend of DASH is close to breaching the lower band and lacks support from SMA50 & SMA200 on the chart as well. The MACD appears flat as the signal line & MACD line intersect. Similarly, the RSI is also inclined towards the major support due to no steady gain in Dash price and is lying at 42.43.
