Dash is rising on Wed, Aug 29, trading at $194.66, while the demand is pushing the crypto further towards $200.00
Dash is rising on Wed, Aug 29, trading at $194.66, while the demand is pushing the crypto further towards $200.00. The bulls are very much supported by the fundamentals, while the technical signals have also been triggered, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
As recently as a week ago, Dash touched $125.94 during a selloff, but then started its recovery right after that plunge. Currently, there are many more bulls trading the crypto than bears. In case Dash manages to break out the intermediate resistance at $195.50, it will try to reach $200, and then $250.
Is Dash overbought? Not likely. The buyers are interested in the free market price, and nothing threatens the bulls so far.
The support and resistance are at $148 and $200 respectively. The MACD is rising in the negatives, issuing a buy signal, while the Stochastic is rising in the positive area and confirms its buy signal, already issued some time ago.
As Dash demand increased in Venezuela, the crypto started rising heavily, and the market’s attention was largely driven to it. It’s curious why it happened just now, as the reasons were quite clear long before. Venezuela’s national currency does not have any support any longer, despite the denomination and other steps the government took to revive the bolivar. Once the president announced bolivar depreciation and pegging it to El Petro, a crypto based on crude oil, the number of people using Dash increased drastically. However, it’s not only Venezuela that helped Dash rise. Chinese and Russian investors also buy this crypto: they buy a lot, and for quite the same reasons.
Overall, this year is quite a good one for Dash. In January, the company behind it partnered with Piiko, Strike Social, and GoCoin, while also getting the investment support from Arizona University. A few days ago, Dash also announced partnering with Kripto Mobile, a smartphone manufacturer. This is a very promising opportunity for Dash in the Latin America market, where the company wants to grow.
In Kripto Mobile, they believe everything should be as easy as possible: once the device gets powered on, all apps, wallets, and deposit services become available.
Dash market cap is now around $1.5B.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.