Dash Price Analysis – DASH/USD
Dash is the sixteenth largest, an open source cryptocurrency and is a form of the decentralized autonomous organization run by a subset of users, called “master nodes”. It is an altcoin that was forked from the Bitcoin protocol. The currency permits fast transactions that can be untraceable. The current market cap that stands $524,143,538, 11:13 UTC on December 07 by CoinMarketCap. Dash has experienced a dramatic downward pressure in current value by 65.8% relative to the November 06.
Now, let’s look at the technical picture of the DASH/USD pair as follows:
As analyzed from the above graph, the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in — moreover, both moving averages representing down trends and signals a negative sign. The 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. Amid this, the falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. Let us not forget that the DASH remains in a bearish trend in its medium-term outlook until the new price range created.
The entire crypto market has experienced a bearish trend, and no bullish patterns represent a buy; hence, it is best to remain on the sidelines. Those involved in trading activities should wait for the trend to reverse and a bottom to form before initiating any long positions in it. The 20-day EMA is slopping down, and the RSI is in the oversold territory, which shows that the balance is tilted in favor of sellers. Those who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest in the long term.
While analyzing the scenario since August this year, the DASH/USD pair remained range bound from August 27 to September 01 this year as the cryptocurrency rallied from a low of $142 to a high of $231, which is a 62.6 percent return within five days.
Let us not forget that DASH stayed in the range of $156–$195 for October 11 to November 14 since then the bears broke below it and slashed till date. However if bulls are attempting to bounce off the current resistance level and start trading above the EMA, the investors’ sentiment will likely to buy more of the currency. Based on the current trend, the next support level can be estimated at $60.