Dash Price Analysis: The Technology and Its Cryptocurrency that Keeps Bringing Real-Word Value Use Cases

  • Dash Text launched a new service initially piloting in Venezuela for donation payment in DASH without the requirement of the internet.
  • DASH/USDT has a significant barrier ahead that the bulls must tackle for more substantial upside.

DASH: Recent Price Behavior

The Dash price over the past few sessions has been trading around elevated levels not seen since 24th December. It has staged a decent rebound and has closed in the green for the past two consecutive weeks. The bulls have managed to push for significant gains of 21% over this mentioned period, before being forced to slow down somewhat.

Dash Offers World-Helping Solutions

Dash has officially launched Dash Text, a new service that seeks to expand the platform’s use cases. The new system offers a distributed and automated method for making charitable donations. It will facilitate a donor being able to send DASH to a specified donation address, which can be distributed evenly among the end recipients. The process is executed via Dash Text wallets with no requirement of an internet connection. Everything is done through SMS, which means donations can be received directly and quickly.

At present, the charity program is still within a pilot phase, initially debuting in Venezuela. Following the announcement, Dash Text Wallet Co-Founder Lorenzo Rey commented:

“Whenever someone makes a donation through our system, the money gets immediately and equally distributed amongst the people you’re donating to, this is entirely transparent and traceable on the blockchain, the money is never touched by a human third party inside our system, it is all automated and happens in just a few seconds. Recipients receive a confirmation SMS which might include the name and country of the person who donated. There is no system like this in the world today, all charity donations, including crypto charities, right now require some sort of human intermediation.”

Technical Review – DASH/USDT

DASH/USDT daily chart.

DASH/USDT has run into some near-term resistance, which will not be easy to break down. Firstly, the price is moving within a horizontal wedge pattern formation; this has been the case since 11th February. The upper acting trend line of this structure has prevented the bulls from progressing further north for now. It is tracking around $93.90, the high area on 24th February and 13th March.

Should the bulls manage to break the mentioned trend line down, then eyes will be on a massive supply zone just ahead. The area of camped sellers runs from $95 up to $105; the price has not traded above this zone since 22nd November. There were attempts to push back through this area but several failures were noted, chief among them being the failed attempts in November and December 2018.

In terms of support, the lower acting trend line of the wedge pattern will be eyed, tracking at $80.55. A failure of this holding could see DASH/USDT free-falling back down towards a retest of the 2018 low area. December 2018 saw the price print a low down at $58; this was the lowest point seen since April 2017.

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.