Dash eyes for the $50 mark: Will it succeed?
Dash is a forked version of Litecoin, which itself is a fork of Bitcoin, which means all of these three cryptocurrencies have similar features and facilities with little changes in the algorithm. The name DASH is a combination of ‘Digital’ and ‘Cash,’ which aims to become a better version of its previous coins.
It is an open-source network, which means anyone can access the protocol. However, it is governed by the Decentralized Autonomous Organization (DAO). It is more efficient than Bitcoin and Litecoin, which improves privacy and transactions rate and lowers the fees of each transaction for retail users.
The best part is 10 million DASH coins are in circulation with a hard cap of 18.9 million. It has three distinct features:-
- Masternodes: These are the nodes with miners who own more than 1000 DASH. They serve as DAO on the network.
- PrivateSend: It allows secure transactions on the network. Users may not check your transaction history, amount, and address because it adds anonymity.
- InstantSend: It offers faster transactions on the network within two minutes, which is faster than many other crypto networks.
There are many controversies regarding Dash because it often receives criticism that many people use it for illicit transactions due to its anonymity. However, most people prefer Dash for legal transactions.
If you also believe that it will play a vital role in the next few years, you can invest for the long term. But before investing, make sure you have read our Dash coin prediction by clicking here!
At the time of writing this post, DASH was trading around $44.85, which has formed an uptrend for the short term. $43 is a crucial level for this coin; if the price sustains over this level, then you can invest for the short term or accumulate the coins for the long term.
Candlesticks are forming in the upper range of the Bollinger Bands, and most other technical indicators are bullish, suggesting a positive momentum for the next few weeks.
On the weekly chart, DASH is forming lower lows and lower highs. Though the last four weekly candles are green in the lower range of the Bollinger Bands, we do not think it is an ideal time to buy for the long term. Indeed, you may accumulate the coins, but you should average the price at a lower level if it breaks the support.