While Bitcoin has been enjoying conquering one record high after another, Dash, the sixth largest cryptocurrency by market capitalization, appears to be losing its steam.
DASH has been mainly consolidating against other counterparts such as the US dollar and Ethereum. However, it is getting knocked off by Bitcoin.
DASH BTC Analysis
The DASH BTC pair has broken below a key support level of 0.045. This level also falls on the 61% Fibonacci retracement. This support was considered so important because it was able to keep the DASH BTC price from falling further on three previous occasions.
After DASH/BTC reached the all-time high level of 0.12 back in March 2017, the pair dropped to 0.045 within a month. Then mainly range traded above it. Until now, that is.
Using the Ichimoku and Fibonacci analysis technique, we can see that the price is trading below the Ichimoku cloud. The future cloud is bearish. And all other moving averages, including the Kijun line, the Tenkan line, and the Chiko span, are moving downward.
The Fibonacci setup is retracing the major uptrend which started at the end of 2016. It tracks DASH BTC price all the way up to the Double Top formation around the all-time high level of 0.10.
While we could see a bit of a pullback in the medium term, the break below the key support may have opened doors to further drops towards the next support level at 0.029. This level falls on the 78% Fibonacci level.
What’s Going on in the Dash World?
Dash was recently listed on Qryptos and Quoinex. The former is a cryptocurrency-only trading platform. The later is a crypto-fiat exchange. Both platforms are owned and operated by Japanese startup Quoine.
The listing means that Dash will be available for trade against several notable currencies. Among them are the Japanese yen (JPY), and the euro (EUR). It could potentially become available to trade against other minor currencies as well. For example, the Hong Kong dollar (HKD), the Singapore dollar (SGD), the Indonesian rupiah (IDR), the Indian rupee (INR), and the Philippine peso (PHP).
Last but not least, this would make Dash available to trade against cryptocurrencies like Bitcoin Cash, and Ethereum.
In addition, Dash will also be added into Quoine’s new global liquidity platform Liquid. Traders across the world will be able to access Dash more easily after Dash is added to Liquid in 2018.
What is Dash anyway?
Dash (DASH) is a next-generation digital currency based on the Bitcoin software.
It aims to be the most user-friendly and most on-chain-scalable cryptocurrency in the world. On top of Bitcoin’s feature set, it currently offers instant transactions (InstantSend) and private transactions (PrivateSend). It operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds value to the network.
Kiana Danial, Invest Diva