Dash Price Analysis: Bulls are Pushing to Escape Range Trading as Adoption Jumps in Colombia

  • Strong growing adoption in Colombia, as Dash continue to dominate South America, following success in Venezuela.
  • DASH/USDT is moving within a range-block formation, subject to an imminent breakout.

The Dash price, like several of its peers, has been subject to range-bound trading. DASH/USDT is moving within a range-block, which commenced on 25th December. This form coming after a chunky run to the upside, from 15th to 24th December, DASH/USDT gained around 79%. The price was supported by an ascending trend line, which remained intact between the detailed period.

However, sellers came back into the picture within the latter stages of trading on 24th December. As a result, market bears were able to force a breach of the above-mentioned support. This opened the door to further selling pressure, seeing a fast-double-digit drop, before stabilizing. A leading into the earlier described range-block formation that is still active.

Dash Conquering Venezuela and Now Colombia

Dash cryptocurrency has been making solid progress in its adoption within South America, growing by leaps and bounds in the country of Venezuela. Given the ongoing success and help it has provided citizens of Venezuela, Dash representatives also took to Colombia. They have recently reported great progress in the country in terms of adoption.

The Dash coordinator in Colombia, George Connelly, detailed that there has been an impressive 25% increase in active wallets seen over 2018. In addition, merchants increased by a whopping 54.7%, seeing over 300 merchants in the country accepting Dash in their businesses. Considering these reported figures, Colombia has moved up to rank 3rd via the number of merchants. Venezuela remains the leader with over 2500 merchants accepting Dashpay.

Adoption currently is growing in respect to the Dash Colombia team’s invites program. Several Colombians have been acquiring Dash through the use of online exchanges and Dash ATMs, which have been set up by CoinLoqic in major Colombia cities and via mining. Strong potential remains for further growth and greater adoption within the cryptocurrency space. Therefore Dash Colombia are aiming for increased adoption going forward.

Technical Review – DASH/USDT

DASH/USDT daily chart. Price action is moving within a range-block formation, subject to an imminent breakout.

As described earlier, with the formed range-block, there are key levels to note in respect of this. The upper part of this block should be noted around $86, the 26th December high area. To the downside, the lower region of the range is seen at $73, 27-28th December low area.

It remains unclear for the time being, in terms of confirmation on the next committed trend. However, with the technical levels provided above, buying pressure likely to pick up momentum above $86. Should this play out, eyes will be on a retest of a supply zone just seen ahead, tracking from $98-$106 range. Bulls have faltered within this region on several occasions from the back-end of November to December.

Selling pressure below $73, should that be broken by the bears, will generate additional momentum to the downside. Eyes will then be on the December low area, a demand zone can be seen from $61-$56 range.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

 

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.