Bitcoin
BTC$22 939.67

-3.65%

Ethereum
ETH$1 680.06

-5.25%

Tether
USDT$1.000237

0.01%

USD Coin
USDC$0.999848

0%

Binance Coin
BNB$319.45

-1.52%

Binance USD
BUSD$1.000292

0%

Dash Isn’t Giving In to the Sellers


September 2020

Dash (DASH) couldn’t avoid the involvement in a mini-crisis that impacted the entire cryptocurrency market in the first week of September. But even prior to that crash, DASH has been retracing for three weeks in a row, losing a total of 40% in the period from August 3 until the first days of September.

1-week DASH/USDT chart

The hope for bullish reversal still lives


It has proven to be the biggest pullback since February, which eventually led to the market meltdown in the middle of March, which put DASH traders in a tricky situation. There is obviously a great concern that the altcoin could go into an even deeper correction that would ultimately lead to the price levels near $40, seen during the coronavirus crash.

On the other hand, the weekly chart above clearly shows that DASH is holding tight to the current support level at $65 that served well during the last six months. This occurring support area also converges with the 23.6% Fibonacci retracement level, thus providing some extra fortitude to the bulls who seem to have mustered enough strength to start pushing Dash to the upside, recording a solid 5% gain in the last 24 hours, although it must be noted that 87% of all tradable cryptocurrencies have been in the green during the same period.

The sudden dump also forced the 14-period RSI to break the ascending channel to the downside, which could have triggered more selling that pushed the price to $62, its lowest showings from last week. Nevertheless, it is evident that the bulls are prepared to go above and beyond to keep the price atop $65 - 23.6% on Fibo - as their effort is making the RSI crawl back inside the channel. Before the recent flash sale, MACD had the most bullish showings in months of price action, although now, it’s being actively persuaded to go into a bearish crossover. However, given how the buyers are withstanding the bearish pressure, the MACD line could bounce off the signal one and continue its way northward in the bullish zone, thus enhancing the corresponding momentum.

DASH is at the crossroads on the weekly, and the bullish push can’t be considered as a reversal, so taking a trade now would carry additional risks, unless you will try and hedge your position. Nevertheless, Dash looks healthier than some higher-ranked altcoins, so the probability of a revisit to 38.2% on Fibonacci or $91 by the end of September remains relatively high, on the condition that the rest of the market won’t take another nosedive. Otherwise, traders could see DASH sliding to $43 - $45.

1-day DASH/USDT chart

The efforts that the buyers are currently making become more evident on the daily chart, where the price began making its way to the upside, going from the support at $65 to the present price level at $76 in a slightly distorted yet obvious upswing that, nevertheless, might get rejected near $80 that coincides with the 200-period EMA. This move is likely to bring MACD, which has already begun to curl, closer to the signal line for a possible bullish crossover, though it’s likely that the main line would be rejected along with the price once it tests the moving average near $80.

Author: Alex Paulson for Crypto-Rating.com

Related

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: 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 (DASH) Is Standing on Thin Ice
Dash (DASH) Is Standing on Thin Ice
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
Dash (DASH) Price Analysis and Prediction
Dash (DASH) Price Analysis and Prediction

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.4% 35 $22 939.67 -3.65% -0.43% $438 548 196 646 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 68 $1 680.06 -5.25% 2.68% $204 805 525 877 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000237 0.01% 0.01% $66 533 700 340 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999848 0% -0.03% $54 011 865 153 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 62 $319.45 -1.52% 10.96% $51 538 467 752 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000292 0% 0.01% $17 756 480 503 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 77.6% 36 $0.362409 -3.72% -2.15% $17 519 965 274 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 72% 50 $0.510338 -4.17% 0.93% $17 218 297 210 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 73.6% 44 $39.52 -6.65% 2.24% $13 768 809 765 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 68.8% 62 $8.65 -4.95% 7.88% $9 563 739 618 DOT 7 days price change
12 HEX (HEX) HEX HEX predictions 64.8% 70 $0.054819 1.28% 19.27% $9 506 188 307 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 81.6% 28 $0.068036 -7.62% 1.11% $9 026 356 228 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 55 $27.33 -3.28% 16.23% $7 788 396 850 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 92% 1 $0.999960 0.02% -0.02% $7 525 786 587 DAI 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.

© 2015-2022 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.