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DASH Price Analysis: DASH/USD Bulls Capitalize on Bullish Set Up, Extending on Double Digit Gains

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  • DASH/USD sees chunky double-digit gains over the past two sessions, and further upside is still eyed.
  • Market satisfaction with Dash announcing new transactions support for Venezuelan citizens. 

DASH bulls have demonstrated the strength of their run over the past two sessions now. DASH/USD has gained well into the double-digits, over 11% since 4th November, when life kicked back into the bulls. The price has pushed to its highest levels seen since 16th October, when the market re-entered a bearish trend.

Dash Related News Flow

Recently the Dash foundation announced the launch of ‘Dash Text’, a new product that will facilitate transactions for Venezuelan citizens, allowing them to send and receive DASH via SMS with no requirement for the use of internet or a smartphone. This move by Dash assisting them further in their growing presence within the country that is so dependent on cryptocurrency. All as reported by the CCN team.

Technical Review – DASH/USD

DASH/USD 4-hour chart

On the back of the above-mentioned news, the price on Sunday observed a chunky pick up in volume. DASH/USD rallied over 12%, as the market digested the update hitting the news wires. Jumping from $152.87, up to a high on Sunday of $172.51, into a strong touted supply area. This is seen running from the early $170 mark, up to $173.50.

Price action for DASH/USD had initially cooled somewhat, after the high print on Sunday 4th October. A small period of consolidation was observed, between 4th and 6th November – today. During this, DASH/USD formed a bullish pennant pattern formation, which was breach in the session. Bulls ran through the upper resistance at the time, which was seen around $167.20.

In the most recent bull run, which still has much momentum behind it, DASH/USD took out a running descending trend line to the upside. This had been in play since 29th September, when the market had re-entered a firm downward trend. DASH/USD had dropped over 20% below this trend line, barring the somewhat of a freak spike on 15th October, seen across the market.

Upside Targets

Looking to the upside, should the price see a firm daily closure above the mentioned descending trend line, it will likely keep the door open to further buying pressure. The bulls next barrier is not then seen until the very high $180 region, early $190 area. DASH/USD last traded here on 6th October, a very short-lived moment above the descending trend line.

Support Levels

Above the breached descending trend line, this could accommodate a new area of support tracking around $167.80. A failure to hold here would likely be very punishing to say the least. Typically, fast chunky advances such as the most recent for DASH/USD, tend to be vulnerable to heavier falls, should the bears regain control. Eyes would then potentially be on a complete reversal of the latest bull run.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen 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.




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Altcoins

Cardano Price Analysis: ADA Bulls Set for Another Retest of Big Supply Area

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  • ADA/USDT trading firmly within the green on Wednesday, outperforming its peers.
  • Cardano Shelley upgrade is heavily anticipated across the community.

The ADA/USDT pair was seen holding decent gains in the session on Wednesday, up as much as 5%. The bulls are looking at resuming their decent upside momentum, which was seen through mid-December early January. In terms of that rally seen, the price gained a whopping 90%, moving from around $0.02793 up to a high print at around $0.05368 on 10th January. This was the highest-level ADA/USDT had reached since 19th November.

ADA/USDT daily chart.

The bulls had the wind taken out of their sails after failing to breakdown a known area of supply. This can be seen tracking from $0.04900 up to $0.05400. The price has not been above this level since 19th November 2018, which was a period of heavy selling. Buyers have faltered here on two occasions recently – 24th December 2018 and 10th January. It will not be an easy area to break down; however, upside potential is chunky should it be broken down.

Project Shelley Imminent

The eagerly awaited Shelley update is very much quickly nearing its release from the Cardano foundation. It is set to be launched in the coming few weeks, as can be seen via their roadmap countdown clock.

This update is significant as it will make the Cardano blockchain fully decentralized. The Cardano blockchain is currently within the Byron phase. In terms of the Shelley upgrade, it will additionally mark the release of Cardano 1.5. The foundation provides the following insight from the detailed roadmap, “As we progress through Shelley, work will be done that contributes to stability, interoperability and governance. Throughout the arc of development, Cardano’s protocols will increase in complexity, interdependence and use more exotic cryptographic primitives”.

Technical Review – ADA/USDT

ADA/USDT 4-hour chart.

A near-term upside challenge is seen tracking from $0.043500-$0.045000, via the 4-hour chart view. Over the past six sessions now, the bulls have failed to break this area down. Further north of this, a heavier zone of supply can be observed from $0.04900 up to $0.05400, as detailed earlier.

If the bulls fail to move north of the mentioned areas, then key daily support levels should be noted for potential comfort. Eyes would be on the following levels: $0.03900 (13-14 January low), $0.03550 and then finally $0.027600 (7-16th December 2018 low area).

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen 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.




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STEEM Coin on the Move While Steemit Loses 20 Million Visitors in Six Months

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One of the three currencies which fuel the Steemit blockchain-based social media site, Steem (STEEM) gained 22% in the previous two days. Despite the increased price movement in January, monthly visitors and unique account creations continue to plumb new yearly lows on the Steemit social media website.

STEEM Price

STEEM’s recovery has been slow in coming – the coin gained 43% from December into January, however most of that came in the last forty-eight hours. Compare that to major and mid-cap altcoins such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) which gained over 100% in that time, and you see a major discrepancy.

From Monday through to Wednesday STEEM went on a 22% run which carried the coin price from $0.249836 up to $0.306033. Trades against Korean won on the Upbit exchange accounted for more than 40% of the day’s trades, or around $1.2 million of the $2.7 million daily total.

Steemit Cools Down

After suffering the indignity of laying off a majority of its staff back in November, Steemit continues to hold on despite plummeting numbers.

Remarkably, the Steemit social media site lost almost 20 million monthly visitors in the last six months – a 61% drop off from the 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. New account creations are also down 83% in the last six days alone, however statistics show that new users tend to flood in whenever the coin price pumps – even if just for a brief time.

CCN reported back in May of 2018 that Steemit had surpassed one million accounts created on the blockchain. This was a startling figure at the time, and grabbed a lot of headlines. However, Steemit statistics from the time suggest the number of unique users was actually much less – closer to 150,000 according to this chart from Steemit’s @arcange.

Follow the Money

The same chart shows that January of 2018 remains Steemit’s most successful month. The site gained close to 120,000 new users in the sixty days leading up to January’s all-time high, when the coin price climbed as high as $8.57.

As the coin fell to a twenty-month low in December, unique accounts on the blockchain also fell to eighteen-month lows in the process. A major increase to new account creations was seen on January 9th, as STEEM went on a similar 23% price spike, and 4,108 new users flocked to Steemit in one day.

Stats courtesy of Steemit’s @penguinpablo

By six days later, new registrations had fallen back to 695 per day, as STEEM’s gains from the previous few days were wiped out.

Steemit launched back in early 2016, and has divided opinion since its inception. Check out this recent primer for an up to date summary of Steemit and its features.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Binance Coin Price Analysis: Binance Completes 6th Token Burn; BNB/USDT Struggling to Move Back Above Breached Channel

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  • Binace has completed their sixth round of BNB token burning, a total of around 1.6 million.
  • BNB/USDT bulls are retesting a breached ascending channel formation.

BNB/USDT is holding steady for now, with a gains of 4% on Wednesday. Caution can be observed following a breakout to the downside from a rising channel formation. The price had been moving within this structure from around 15th December, when the bulls commenced the most recent upside trend. BNB/USDT had gained as much as 51%, while within the confinements of this. However, all good bull runs must come to an end, and on 10th January the lower supporting trend line gave way to the market bears.

BNB/USDT daily chart.

In terms of price behavior since the break, as detailed earlier, there is a lack of commitment seen. The bulls have stringently retested and been moving underneath the channel but have not got the momentum to break back above at this time.

Binance Complete 6th BNB Token Burn

The world’s largest cryptocurrency exchange by traded volume, Binance, announced they have completed their sixth token burn. Binance burnt a reported total of 1,623,818 BNB tokens. This detailed burn was for the period between October 1 and December 31, 2018. For comparative purposes, the number is similar to the 1,643,986 BNB amount that they previously burned in their fifth round.

Despite the similar number of BNB being burnt, it is worth considering that the final quarter of 2018 had “brought significant changes in the cryptocurrency landscape”. In monetary terms, the dollar value during the sixth BNB burn was around $9.4 million, versus the $17 million during the previous period.

CZ, founder and CEO of Binance, said, “I’m excited about is Binance Chain and Binance DEX, which will launch soon. From a tech standpoint, it is a major development for the Binance ecosystem. From an earnings standpoint, Binance DEX will not directly increase profitability for Binance, but it will certainly increase the utility of BNB in a big way. That should be good for BNB holders. Binance is also a larger holder of BNB, so we benefit the same way as all BNB holders. The more people using Binance Chain, the more value is created, or the more successful we all become.”

Technical Review – BNB/USDT

BNB/USDT must break back above the $6.40 area to attract another wave of buying. This is where the lower supporting trend line of the breached channel in tracking. Separately, a supply zone is seen in proximity, tracking from $6.20-$6.90. The price has not been above this region since 19th November. Should the bulls gather enough momentum to break above this supply, then a fast move could be seen back to $10.00. BNB/USDT had been consolidating here prior to the steep fall in November.

Looking to the downside, there isn’t much in the way of major support seen until the $4.00 price region. This is where the December low can be seen, $4.12, with a demand zone observed running from $4.55-$4.12.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen 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.




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