- Dash stays in the green amid general market retracement.
- Dash bulls target $100 psychological as long as they can break above $80.00 resistance.
Dash is the bull among a sloth of bears. The digital asset has sustained the gains in spite of the entire market trimming the gains. Cryptocurrencies spiked incredibly over the last weekend ending a period of devastating declines and low trading activity. The volatility seems to be back but Dash is currently giving a blind eye to record gains while all the top 20 digital assets stay in the red.
After it reclaimed the position above the resistance turned support at $74.00, DASH/USD pulled up further above $76.00. In fact, at press time, it is trading $79.389. It is only a matter of time before Dash jumps above $80.00. According to the technical levels on the chart, a correction above $80.00 will pave the way towards $90.00 and eventually bring the psychological $100 in sight.
For instance, the Relative Strength Index (RSI) in the 2-hour range has reentered the oversold region to show that the bulls have the control and will continue to influence the direction of the price in the short-term. The Moving Average Convergence Divergence (MACD) in the same range is heading north. The forming engulfing candle will soon break above $80.00.
In the event a reversal occurs, Dash will find refuge at $74.00 and the support zone at $66.00 but before that, the trendline support will try to limit the losses.
DASH/USD 2-hour range
Dash (DASH) popularity grows in Australia and Colombia
Dash (DASH) is growing in popularity in Australia after a listing on the country’s Jinance exchange. Colombia is another major growth area for the crypto, thanks to a listing on the DAEXS trading platform.
The Jinance trading platform was founded back in 2017, initially known as String Exchange. It went live in September 2018, and offers a number of AUD trading pairs. It is now the first crypto exchange to offer a AUD-DASH pair.
According to Dash Core Group CEO Ryan Taylor, “Listing on Jinance with InstantSend is a big win for Dash and our Australian users, as we continue to extend that technology into new markets globally. Australia has emerged as an influential market for the cryptocurrency space, which is why we’re delighted to be able to offer an easier way for the country’s crypto community to buy and sell Dash using local currency”.
Meanwhile, Dash has also been listed on the Colombian exchange DAEXS, one of the country’s most popular trading platforms, and the only crypto exchange that operates in the country itself. South America is a particular hub for DASH adoption, with Venezuela’s escalating hyper-inflation contributing to the popularity of the crypto there. Colombia is often used as a safe haven for Venezuelans hoping to transfer money out of the country in order to prevent losses.
Dash announces another 7.14% block reward reduction
Recently, Dash News reported that Dash has officially decreased its block reward by 7.14%, which it does a little over evey year or so in order to combat inflation. It is a similar, although less dramatic, process as the Bitcoin halvening, which happens about every 4 years.
Dash decreases the block reward for its coin every 210240 blocks, always by 7.14%. This roughly comes out to happening every 383.25 days. For comparison, Bitcoin reduces its block reward by 50% every 4 years. Both systems will one day mint their final coin and allow for the network to be powered by fees only, but Dash will take notably longer to achieve this than Bitcoin.
From the article:
“Dash will continue to emit coins for approximately 192 years before a full year of mining creates less than 1 DASH. After 2209 only 14 more DASH will be created. The last DASH will take 231 years to be generated, starting in 2246 and ending when emission completely stops in 2477.”
Bitcoin on the other hand will have mined 99% of all Bitcoin by 2036, though that last 1% will take until 2140 to be mined. It is unclear which, if either, model will be more efficient or if either coin will still even exist in hundreds of years.
Still, it is good to see these projects following the practices layed out by their teams. Hopefully people are still using Dash in 2477!
Dash Price Analysis March 28th: Looking to test $100, will it hold?
Much of the market has been showing some nice growth lately, and Dash has certainly not been left behind. Though the coin saw somerough news earlier this month, the price isn’t reflecting it. Currently we are looking poised to test up to $100, a major resistance level for the coin. Will we rise above? Let’s look.
– Currently just a couple of dollars away from $100.
– The price has been rejected here before.
– Little resistance above $100 until $140.
– If rejected, probably down to $90.
Looking at the Daily, we can see that not unlike Bitcoin, Dash is in a wedge with rising support and some serious resistance at $100. We can see the rising support is aided by the 50/100 Moving Averages as well. Finally, we can see how there has been some psychological support in increments of roughly $10 below us (as in $90, $80, etc).
Zooming in to the 4 hour, we get better resolution on the support levels. We can also see the 50/100 MAs are about to cross in a bearish reversal, however there is good evidence it will be short lived due to the rising price. One point for concern is relatively low buy volume over the last several hours.
The price pushes through $100, and since there isn’t much resistance above, it’s hard to say where it will stop. It is reasonable to assume we could lose momentum around psychological $110, but the TA isn’t very clear.
We get rejected off of $100 and then our most likely target is down to $90. Further drops are possible, but $90 is showing pretty solid historical support.
Much of the market is in a similar place right now, with many coins testing major resistance levels. Dash has been one of the stronger Altcoins as of late, so it may have the strength to get above resistance. In any event, stick here with Chepicap for all price action updates!