- 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
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.
“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.”
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.
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