Dash Weekly Analysis

22 November 2017, 12:26
Dragan Drenjanin

The past week turned out to be excellent for cryptocurrencies. Not only Bitcoin is soaring like always, but many altcoins are also touching all new highs. Dash is one coin which is soaring since weeks and also touched an all-new high this week. Its market cap is growing exponentially and is about to reach $4 billion. With over 3.95 billion in market cap, Dash also became the fifth largest cryptocurrency suppressing Litecoin.

Key Highlights:

  • DSH/USD touched an all-new high this week and is still soaring above $500
  • Week-on-week the pair gained 23 percent and 12.6 percent in the last 48 hours
  • DSH/BTC pair gained 19 percent and currently trading around 0.062 BTC

In the weekly, DSH/USD pair had sessions of steep upward movement along with some shallow pitfalls on the way. The week started with a stagnant move, but in the midweek, the coin began to gain the upward pace. Within around 36 hours, the coin reached $471 from $411, but resistance pushed the token down. Eventually, the token found support levels between $30 and $40 with checked any further dip in the value.

The earlier also acted as a pivot, but resistance above $450 kept the price below that level for a significant period. Finally, with a buying rage, the pair’s value shoots up to $511 only to fall instantly to $451 again. But then another steep bull took the price of its current trading value around $512.

Considering the daily chart, the pair soared with a rage, but the resistance at the peak also prevented any further growth. A new support at $484 also formed which pushed the value up again, and the pair is again testing the resistance level. Overall the pair gained 9.5 percent in the last 24 hours.

The technical indicators are also signaling a bullish trend. Stoch is moving upward strongly with RSI at 57 percent. So there is not an overbuying situation yet. MACD took a bearish turn because of the daily fall due to the peak resistance, but it is all set to move up with a crossover. 100 SMA is also above 200 SMA.

Against Bitcoin, Dash also had an overall good performance. With several pitfalls on the way, the value went up from 0.052 BTC to 0.062 BTC. This is an appreciation of 19 percent.
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