Technical Analysis of Dash

Dash was one of the best performers on the cryptocurrency market in the last several days, in less than five days the price of Dash has advanced from$140 above $170 and the current price stands around $154. The cryptocurrency market has advanced around 2-3% in the last 24 hours and the price of Dash is also supported by this situation. The price of Bitcoin is above $8 000 and there is a correlation between the price movements of Bitcoin and other cryptocurrencies. According to estimates, Dash is one of the cryptocurrencies which you should definitely not ignore and this cryptocurrency might still be undervalued despite all the problems. The positive thing is that lots of partners are already supporting this cryptocurrency and Dash is already connected with various payment programs. Dash is a privacy-focused cryptocurrency that was released in early 2014 under the original name of DarkCoin (DRK). The main advantages of this cryptocurrency are: low fees, quick confirmation times and a moderate level of anonymity. It is also important to say that Dash solves two of Bitcoin’s biggest problems: speed of transactions and the lack of privacy. When we look at the 1-year chart we can see that Dash is moving in “downtrend”. As long Dash is below $400 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $150 and $200 – If the Dash jumps above $200 that would be a “BUY” signal and the open way to $300 or even $400. If the Dash jumps above  $400 that could be a strong signal of the trend reversal and the open way to $500. On the other side, if the Dash falls below $100 that will be a strong signal “SELL” signal and the next target could be around $80.

Advice: The cryptocurrency market is advancing again and it is very important that the price of Bitcoin is again above $8 000. In my opinion, this is still very risky cryptocurrency but Dash can be a very good investment option and some predictions say that this cryptocurrency could be above $1 000 in the next several years. As for the technical picture, the Dash remains in bearish phase but if the price advances above $200 next targets could be located around $280 and $300. On the other side, if the Dash falls below $100 that will be a strong signal “SELL” signal and the next target could be around $80.
 
 

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