Technical Analysis and Market Entry: DASH Market Bulls Show Signs of Staging a Rebound

Dash
  • Dash has been staging a rebound, following the heavy beating encountered over the past weeks.
  • DASH/USDT has dropped some 57%, falling for ten straight weeks.

DASH/USDT: Recent Price Behavior 

The Dash price over the past few sessions has stabilized but remains stuck within a heavy bearish trend. DASH/USDT has been falling for the past ten consecutive weeks, dropping some 57%. It was trading up at heights of $188 in the latter stages of June and has fallen to $78. That’s the lowest price has been hit since March 2019, giving back almost all of the 2019 recovery run. 

Selling pressure for Dash had picked up pace in the second week of June; it came following the breach of a critical trend line of support. DASH/USDT was being supported to the upside by this from the very start of the year. The price had run up an incredible 185%, before running up of upside momentum. Dash bulls had been showing much promise as the behavior somewhat resembled the 2017 bull run.

DASH/USDT weekly chart

Dash to be Accepted by Over 1000 Merchants and 250 ATMs Worldwide

Dash continues on its mission of mass adoption after it reported that the cryptocurrency is now accepted at an additional 1,000 merchants and 250+ ATMs worldwide.

The company announced that they have partnered with IQ CashNow, which is an e-commerce service provider. They specialize in cryptocurrencies, to make it easier for Dash cryptocurrency be used in the U.S., Europe, Turkey and Ecuador. 

The CEO of IQ CashNow, Gerald Wirtl, commented on the collaboration:

“Dash was an attractive addition for IQ CashNow because it’s capable of settling transactions instantly. Low fees, transaction speed, and security are all core elements to our customers. And towards driving broader adoption of cryptocurrency, and we feel Dash is a perfect fit.”

Elsewhere, Jan Heinrich Meyer, CEO and Founder of Dash Embassy, added:

“Dash is now available to more successes than ever. This partnership not only puts Dash and IQ CashNow closer to their shared mission of driving global adoption of cryptocurrency. It also makes transactions faster and cheaper for merchants across key countries and regions already seeing tremendous crypto growth.”

Trade Recommendation

Price action via the daily chart view has been stabilizing over the last ten sessions, showing signs of some near-term upside. It comes after the price ran into a critical area of demand, which runs from $82 down to $77. The price back in March had previously used this zone to attract a substantial amount of buying momentum. 

DASH/USDT daily chart

During the recent price consolidation, DASH/USDT formed a bearish flag structure, which was subject to more downside moves. However, at the time of writing, the bulls have made an extension out from the structure. Should the price close above the flag, then further buying momentum could very well follow.

Upon a daily closure above, around $85, long positions would be attractive. In terms of targets to the north; $95 and then $100, where the next major zone of supply can be observed, are eyed. Stops would be placed just below the bearish flag formation at $77. 

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.