Analysis for Dash against USD. Is it worth buying now? What is the private altcoin promising?
In this post, I applied the following tools: candlestick patterns, all-round market view, market balance level, oscillators, trading volume.
I go on watching anonymous cryptocurrencies, as their holders are suffering the most in these trying times.
As for the news background, after the information about banning anonymous cryptocurrencies in Japan, there haven’t been any news drivers to move the private coins rate in a certain direction.
However, a potential driver for growth or fall in the near future can be the launch of Dash Evolution v1 platform that is announced to be user-friendly, scalable and reliable. This platform is going to make the cryptocurrency accessible for use by even your granny; so, many have some positive expectations amid the launching of the pilot version.
The platform release is planned for June, and, if the Dash Core team is late, it will add some more negative to the coin.
These ideas results from zero activity of the developers on Github since February.
To understand DASH general state, compared to its fellow coins, I made up the chart of five most popular private coins, such as Zcash, Monero, Verge, Augur and, of course, DASH.
As you see from the chart above, DASH performs better than its counterparts, and even better than the Old Chap, BTC. It inspires great optimism and suggests high expectations of the token holders and investors from the upcoming launch of Dash Evolution platform.
To figure out whether there are any reasons for these hopes according to technical analysis, let’s carry out all-round market view of the DASHUSD market.
In the monthly timeframe above, you see that the low of November, 2017 was broken through this month.
The next resistance level for bears is at the level of September’s low, at around 219 USD.
As you see, the checkpoint in the vertical volume indicator is at about 94 USD.
On the way to this level, there is also August’s low at 174 USD, and July’s low at 120 USD.
These three levels will be the support levels if level 219 USD is broken out.
In the weekly timeframe, the situation is almost the same. MACD is in sell zone, RSI stochastic is in the oversold, but doesn’t yet send any reversal signals.
I must also note that the ticker is below Keltner channel’s borders, which is also a kind of the oversold signal.
The current weekly bar hasn’t broken through the previous low, and so, we can count on a slight rise. If the positive scenario develops, the nearest bulls’ target can be Keltner channel’s central moving average at 400 USD.
The daily timeframe above also features the market weakness. Early bullish signals here are convergences of MACD and RSI stochastic. The ticker itself is below Keltner channel’s borders, showing no signs of going up.
In 4-hour chart, it is clear that the ticker has been moving in a rather narrow trading range between 280USD – 220 USD for the last two weeks. There are no reversal signs even in such a short timeframe. RSI stochastic is in the oversold zone, which allows a slight rebound.
There was some purchasing activity at the channel’s bottom border on 24.06, which marks the level to be the strong support for buyers.
DASH is trading down without any signs of reversal. Judging by scarce activity on Github, the team, in spite of its promises, hasn’t been joined by any new developers. Therefore, Dash Evolution release and launch can well be canceled.
In the chart above, there is a fractal model emerging that suggests in a general way the steps with consolidation (marked with green box) and momentum moves (marked with red box).
As you see, currently, another step is emerging, which may be followed by a downward momentum.
The ticker is likely to test the resistance at around 247 USD, followed by a possible continuing of the correction and the break out of the key level, September’s low at about 219 USD.219 USD – вероятность касания высока;
174 USD – вероятность касания ниже среднего.
If it is so, the next strong support for the ticker can be only at level 174 USD.
Support levels for the next two weeks:
219 USD is highly likely to be touched by the price;
174 USD might be touched.
Resistance levels for the next two weeks:
247 USD – is highly likely to be touched by the price;
300 USD –could hardly be touched.
I wish you good luck and good profits!
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