Bitcoin
BTC$60 907.24

2.74%

Ethereum
ETH$3 249.66

1.95%

Tether
USDT$1.000483

0.01%

Binance Coin
BNB$545.47

2.44%

Solana
SOL$147.48

3.98%

USD Coin
USDC$1.000054

-0.01%

Dash (DASH) Is Standing on Thin Ice


June 2020

There is every indication that soon traders will witness significant shifts in global cryptocurrency rankings as the coins like Dash, ranked 22nd, began to give up ground, following the merciless COVID-19 crash. After the bull rally of January - February, which ended for DASH with a double top bearish pattern and an ultimate capitulation, traders who deal with this coin had to literally cross out the words ‘gains’ and ‘upswing’ from their vocabularies.

The 100+% price boosts are long forgotten, whereas DASH’s current performance profile is flashing red: -53% against USD on the yearly time frame and -10% on the monthly, while the majority of other top altcoins are in the green. The situation in pairings with Bitcoin and Ethereum is equally dire. It appears that despite the fact that Dash has had some success finding application in the real world (the Venezuelans have been relying on this particular cryptocurrency, as well as Bitcoin, to mitigate the consequences of hyperinflation that has been tormenting the country’s economy for years), the bears have dragged it into their lair, from which there would be no way out in the foreseeable future.

Dash is being kept under a tight lid


It turns out that DASH had fooled the traders twice over the past four months: the first such occasion happened when the two major moving averages (50 and 200-period) presented a golden cross right before the price went on to construct the bearish double top pattern and then make a suicide jump off the skyscraper’s top at $137.

1-day DASH/USDT chart

The second time occurred at the very bottom of the major March trough when a very distinctive morning star pattern emerged on the daily time frame, which many have thought to be the prerequisite to a major price appreciation since Dash had been one of the first cryptocurrencies to make a swift recovery after the flash-crash. Instead, the price had retraced to the middle moving average of Bollinger Bands and then went on to range between $66 and $88, signifying the loss of interest from buyers.

Right now, the price is being literally squeezed down between two moving averages while constantly diving below the 50 EMA. On the macro level, we see the gradual formation of the descending triangle pattern, which dictates that the price is going to strive towards the constriction of that pattern, thus going down to the area between $50 and $60 over the course of the coming month. Also, let’s not forget the fact that there has been a death cross right at the level of macro support and judging by the direction of moving averages, this time, the bearish scenario could be realized to the full extent.

Capitulating against Bitcoin


The situation in the pairing with Bitcoin looks even worse. Ever since the short and monstrous bull run in the middle of February, the value of DASH against BTC has been melting like ice on the sun.

1-day DASH/BTC chart

On the daily time frame, there have been not one, but two death crosses as the bears were hammering down the price lower to its present level at 800,000 satoshis, while also keeping it from going oversold on RSI. Given that the Bitcoin dominance has been steadily growing post halving, DASH is likely to fall below the current resistance line, all the way to 600,000 sats.

Author: Alex Paulson for Crypto-Rating.com

Related

Dash: A Deep Dive into its Potential and Future Growth (2023-2030)
Dash: A Deep Dive into its Potential and Future Growth (2023-2030)
Dash (DASH): A Huge Triangle Awaits Resolution
Dash (DASH): A Huge Triangle Awaits Resolution
Dash Price Prediction for 2020, 2023, 2025, and 2030
Dash Price Prediction for 2020, 2023, 2025, and 2030
Dash Isn’t Giving In to the Sellers
Dash Isn’t Giving In to the Sellers
Dash: System Update Announcement Triggers Bullish Expectations
Dash: System Update Announcement Triggers Bullish Expectations
Dash (DASH) Is Stuck In Persistent Stagnation
Dash (DASH) Is Stuck In Persistent Stagnation
Dash: Impressive Recovery and Further Growth
Dash: Impressive Recovery and Further Growth
Dash: Strong Gainer Turns Massive Loser
Dash: Strong Gainer Turns Massive Loser
Dash (DASH) Taking a Timeout From Crazy Gains
Dash (DASH) Taking a Timeout From Crazy Gains

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.4% 48 $60 907.24 2.74% 7.95% $1 201 110 545 769 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74% 47 $3 249.66 1.95% 10.59% $390 660 724 581 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000483 0.01% 0.06% $112 521 291 389 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 45 $545.47 2.44% 10.66% $80 502 405 442 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 83.6% 28 $147.48 3.98% 10.54% $68 439 891 003 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000054 -0.01% 0.01% $33 955 441 106 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 81.2% 29 $0.529085 0.59% 25.61% $29 525 795 272 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 85.2% 21 $7.39 1.21% 3.73% $18 514 454 508 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.6% 49 $0.115147 2.08% 10.19% $16 709 822 671 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82.8% 32 $0.433919 -1.12% 24.20% $15 569 472 122 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 80.8% 37 $0.137615 -1.83% 10.19% $11 989 577 434 TRX 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 76% 44 $26.45 1.86% 2.73% $10 436 162 041 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 81.2% 35 $0.000018 1.88% 12.93% $10 321 337 154 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.