DASH Price Analysis: The Bulls Awaken Following News of Further Adoption

  • DASH bulls awaken, as the price breaks out from the confinements of a descending wedge pattern.
  • Crypto Emporium, an online retailer, is now accepting DASH as a method of payment.

Recent Price Behavior

The Dash price is enjoying some upside, as the bulls came back to life following a prolonged period of mundane sideways trading. Between 11th January up to 7th February, the price had been stuck within a narrowing daily range. The high of this was observed around $74, with the low at $65. This lifeless form of trading came on the back of a steep drop, which hit the entire market on 10th January.

DASH/USD has made a strong case for recovery, having gained around 25% over the past five sessions. The price was able to break free from a descending wedge pattern formation, which had contained it since 21st December. While DASH/USD was trading within the confinements of this region, it dropped some 33%, before managing to escape.

DASH Accepted by Crypto Emporium

Further adoption is materializing for Dash after it was reported that Crypto Emporium, an online crypto-only retailer, is now accepting Dash payments. Crypto Emporium offers a wide variety of product selections, including electronics, automobiles, motorbikes, and property. It is interesting to note that the company is also a partner of Etihad Airways. The organization tweeted: “DASH is supported on http://CryptoEmporium.eu . We’re proud to announce that $DASH has been integrated onto the Crypto Emporium platform with immediate effect. Dashpay is a project that we fully believe in long-term and we can’t wait to serve their brilliant community”.

The founder of Crypto Emporium was speaking on the growing interest and excitement already from the community with regards to use of Dash. Stephen Travers, the founder, commented:

“Honestly we were quite taken aback by the response from the Dash community. After receiving a number of emails asking us to accept Dash on Crypto Emporium and conducting our own research, we put the question to the community on Twitter. What a brilliantly motivated, helpful, considerate and knowledgeable community Dash possesses. We’ve always felt the relationship between a project and their investors/holders says a lot about that project in general. It’s something we’ve always been incredibly mindful of in the past and have managed to build great relationships with many of the cryptocurrencies that we support. We look forward to building this relationship with Dash and serving their community with distinction.”

Technical Review – DASH/USD

DASH/USD daily chart.

Given the earlier described wedge breakout, there is room for the market bulls to drive the price further north. In terms of upside targets, eyes initially on the $85 price area, where some resistance may be encountered. This was a daily top area seen between 26th December to 10th January, prior to that mentioned hard fall that hit the market.

Further north, eyes will then be on $95-$100 area, where a supply zone can be observed. During the big bull run that was seen from mid-end December, this is the area that had prevented greater upside. A break above here could then open a path to a clean move away from the psychological $100 price level. After that, $110-$120 would be a realistic potential near-term territory for the bulls to try and break down. In terms of support, the breached wedge pattern will likely come into play for comfort, as this would complete a technical breakout and retest.

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.