Dash Bears Aim at $105 As CEO Criticizes Bitcoin (BTC)

Dalmas Ngetich

1 year ago

2 mins read

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Dash slides 28.2 percent
Bitcoin is flawed as a medium of exchange

Ryan Taylor, the CEO of Dash, opines that Bitcoin is flawed as a payment solution. As a result, Dash is solving BTC’s shortcomings. However, that is not enough to tame bears. Dash is down 28.2 percent in the last week.

Dash Price Analysis

Fundamentals

The cryptocurrency payment space is saturated with projects aiming to dislodge Bitcoin. Of the many, Dash is perhaps one of the leading contenders. In the past few years, the coin’s use in Venezuela is well tabulated.

Boasting of near-instantaneous settlement and low fees, Dash is indeed a competitor worth noting. According to Ryan Taylor, the CEO of the Dash Core team, the coin solves several shortcomings of Bitcoin.

In a recent presentation during the local Phoenix chapter of Startup Grind, the CEO criticized Bitcoin as a global coin:

“When I looked at Bitcoin as a payment’s expert, I immediately identified that it had attributes in a combination that no other payment method had, and had applications, but it was deeply flawed from a payment perspective. Whoever designed it did not bring payments industry best practices to bear, and there were obvious mistakes… Absolutely every adoption factor for mass scale is the opposite of what it should be for Bitcoin.”

Candlestick Arrangement

Like other altcoins, Dash is under pressure, posting massive losses in the last week. Still, Dash is bullish as per candlestick arrangement of its price action with the USD. Trading within a bullish breakout pattern, buyers stand a chance in days ahead.

Even so, in the short-term, bears are in the driving seat. With bear candlesticks banding along the lower Bollinger Band (BB) revealing strong sell momentum, Dash is below the main support line at $140.

Because of liquidation pressure, every pullback is an opportunity for traders to unload as bears aim at $105 or April 2019 lows.

Even so, far-fetched as it is, the over-extension of July 15 could see Dash recover. Therefore, assuming that is the impetus for a firm close above $140, buyers could spur demand with traders aiming at $180.

Technical Indicators

In light of this, any up thrust, lifting prices above $140 or driving prices below $105 ought to be with high participation levels. As such, May 11 bull bar leads this trade plan. With high trading volumes of 11k, the bar is extensive and conspicuous.

Therefore, any surge or drop in prices above or below the above levels must be equally distinct with high trading volumes exceeding 11k.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.