Bitcoin
BTC$65 916.61

-3.02%

Ethereum
ETH$3 431.41

-4.76%

Tether
USDT$1.000111

0.05%

Solana
SOL$184.76

-9.30%

Binance Coin
BNB$536.11

-5.15%

XRP
XRP$0.615485

-1.01%

Dash: Strong Gainer Turns Massive Loser


March 2020

Just a few weeks ago, DASH was regarded as one of the strongest gainers on the cryptocurrency market: in a span of some two weeks, the 19th cryptocurrency leapfrogged from $39 to $150.7, which constituted a mind-blowing 265% price increase. But that was literally the end of a tale of fantastic gains, after which came the tumultuous times of correction, which didn’t begin unexpectedly for Dash since the coin had been trading sideways for the whole month.

The picture of currency’s accomplishments has also changed radically, from being in the triple-digit area of gains to the negative showings that DASH currently has: -34% against US Dollar and -23.4% compared to Bitcoin in a matter of four weeks.

Giving in to the bears


This is certainly not what traders who bought Dash in the midst of the bull rally expected as the coin had been showing signs of recovery after the strong initial retracement from $150.7 to $93.5. The expectations of the continuing uptrend lasted until February 15, the day when the price dived below the 50-period moving average and MACD crossed the zero to the downside.

4-hour DASH/USDT chart

The move should have served as the first warning signal of the looming danger coming from the bears. The first crashing wave had dragged Dash down from $130.5 to $114.8, got briefly rejected at the 200MA only to fall below it during the next advancement of the sellers. That should have been the spot where traders cut their losses and then reverted to shorting - those who failed to do so were forced to watch the market going further against them.

Right now, the market is getting more bearish by the hour as the price keeps on making lower lows, having got depreciated by 11% on the day of writing. If the bears persist to push the price down so vehemently, the next lower low might occur at $50.79, which coincides with the resistance level from mid-January.

So far, there were no prerequisites for the downtrend reversal as MACD is once again beginning to move below zero, with both lines drifting further away from each other, confirming the strength of the occurring move.

1-day DASH/USDT chart

The situation on the daily time frame also appears to be quite tricky as Dash is bouncing up and down the 200MA, showing that the bulls are refusing to give in. There has been an attempt at the crossover on MACD, but it didn’t play out, which still leaves the possibility for it to go from the current -7.21 to the lowest level of the last two years at -13.44, at which point the price could reach the support, and the lower low, mentioned above. Moreover, Bollinger Bands appear to be forming a squeeze that signifies the beginning of the volatility period that will undoubtedly have a bearish thrust. 

1-week DASH/USDT chart

But after switching to the weekly time frame, we can see that DASH still retains some chances to turn the tables and reverse to being bullish if it manages to form a lower high at the present level, which is exactly the 50% retracement from the upswing of the beginning of 2020. Although the probability of that is quite low, whereas most technical indicators are now pointing at a sell.

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 (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 (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 60.8% 76 $65 916.61 -3.02% -7.85% $1 295 797 715 501 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.4% 68 $3 431.41 -4.76% -14.87% $412 034 451 178 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000111 0.05% -0.01% $103 629 685 403 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 65.2% 79 $184.76 -9.30% 21.28% $82 013 896 110 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 90 $536.11 -5.15% 0.39% $80 168 471 194 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68.4% 59 $0.615485 -1.01% -11.06% $33 728 706 402 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $1.000282 0.02% 0.02% $31 270 163 169 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64% 76 $0.633413 -5.90% -16.65% $22 527 010 926 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 73 $58.80 -3.66% 20.83% $22 184 253 510 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 58.4% 89 $0.136184 -10.14% -21.98% $19 545 943 977 DOGE 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 94 $0.000026 -10.09% -22.02% $15 230 374 615 SHIB 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 57.2% 87 $9.40 -6.22% -13.91% $13 389 000 592 DOT 7 days price change
13 Toncoin (TON) TON Toncoin predictions 69.2% 69 $3.67 -6.90% 3.81% $12 734 927 068 TON 7 days price change
14 TRON (TRX) TRX TRON predictions 88% 19 $0.123224 -2.38% -7.45% $10 822 853 238 TRX 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 83.2% 21 $0.123213 -2.12% -7.65% $10 821 889 738 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.