Connect with us

Altcoins

Dash Has Tripled in Value Over the Past Month

Published

on

Dash cryptocurrency has put together an impressive month of gains, with prices tripling in value on renewed global demand and upbeat investor sentiment.

// -- Discuss and ask questions in our community on Workplace.

Dash Price Levels

Digitalcash (DASH/USD) saw little upside on Monday, with prices eventually falling 2.4% to $765. The digital currency is trading $45 below last week’s record high, but has still managed to add a whopping 21% over the past five days.

At present values, Dash is worth a combined $6 billion, placing it fifth among active cryptocurrencies. Only bitcoin, Ethereum, bitcoin cash and Ripple XRP are worth more.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Trade volumes have reached $193 million over the past 24 hours, with HitBTC accounting for the largest share of activity. Binance, Bithumb and Bitfinex were also among the volume leaders. These four brokerages combined for about 50% of the daily turnover.

Since Nov. 2, Dash has nearly tripled in value. Its gains have occurred in lockstep with the broader cryptocurrency market, which has been aided in large part by active Korean trading desks.

Block Upgrade

The cryptocurrency has also benefited from the release of Dash Core version 12.2, which lowered transaction fees by ten times and upgraded the block size to 2 MB. The update was successfully implemented on Nov. 8. Dash’s core team referred to version 12.2 as a “major update” that required the urgent attention of “end users, pool operators, exchanges and masternode owners.”

The privacy-focused altcoin has enjoyed strong backing for years, with many cryptocurrency enthusiasts impressed by its incentivized full nodes, instant transactions and built-in coin mixing. Of course, Dash also promotes completely private transactions, making it an important player in the decentralized currency market. In this vein, it is considered by many to be the next generation bitcoin, only a significant cut above thanks to features like InstantSend, PrivateSend and completely decentralized self-funding governance.

Zimbabwe Partnership

Dash was in the news last month after the project announced a partnership with KuvaCash to fight inflation in Zimbabwe. The African nation was forced to abandon its local currency in the aftermath of the financial crisis as hyperinflation took root. Under the partnership, Dash aims to provide Zimbabwe with its first localized cryptocurrency service. To access the service, users only need a phone-number-based messaging system.

“I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits,” Dash Core CEO Ryan Taylor said of the decision. “This project in particular is well-researched with value propositions, branding, and go-to-market strategies tailored to the local market. Combining the ideal network – Dash – with a well-considered strategy should lead to a high probability of success.”

Even cryptocurrencies have been known to trade at a large premium on the Zimbabwean exchanges. One month ago, bitcoin was marked at a nearly 90% premium in the country. That was equivalent to roughly $12,400 at the time. Globally, the BTC/USD was marked at $6,700.

The country has been under renewed political pressure since a coup upended 93-year-old ruler Robert Mugabe. Mugabe had served as head of state for nearly four decades.

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Altcoins

Trading recommendation: Lisk/Bitcoin

Published

on

The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

// -- Discuss and ask questions in our community on Workplace.

Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

Published

on

The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

// -- Discuss and ask questions in our community on Workplace.

Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

Published

on

The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

// -- Discuss and ask questions in our community on Workplace.

Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending