Dash hitting 18 Month Low, ignoring the Mass Adoption.Since September 2018, Dash has reached mass adoption, accepting over 3,600 merchants worldwide. This is an astonishing achievement by the Dash team as the main criteria for cryptocurrency growth is the actual use case. With Dash, it is clear that over the long term price is more likely to increase, rather than continue trending downwards. Just consider the fact of the massive growing adoption potential if Dash will continue to add merchants at this rate.
The paradox is that while Dash is getting massive exposure and increasing number of partners, price remains at low levels. It’s like all good news are being ignored by the market and seems like Bitcoin is still dictating the pace to all altcoins. Perhaps when BTC will start producing higher highs and higher lows, Dash will outperform Bitcoin and many other Alts, just based on the current usecase.
On the 22nd of August Dash has reached 18 month low, hitting btc 0.02. This is a substantial decline from the all-time high, which has resulted in a 83% loss to Bitcoin. After hitting the low, Dash has moved up and broke above the descending channel, followed by the breakout of the btc 0.03 resistance. However at the btc 0.033 high, RSI oscillator registered a bearish divergence and DASH/BTC entered a consolidation phase.
Currently Dash is trading between btc 0.025 support and 0.030 resistance and obviously lucking high trade volume that would enable price to move in any direction. Nevertheless, the btc 0.022-0.025 support area could be price range where trading activity will pick up, and bulls might start buying Dash. However, as the major trend is down, break below the support is possible, making Dash a risky purchase at this time.
Watching the trade volume along with the resistance breakout should help investors to determine short and medium term trend. If price breaks below the btc 0.022 support, Dash could fall down to btc 0.01 support area. But, on the other hand, daily break and close above the btc 0.033 resistance could trigger buy limit orders, pushing price up to btc 0.044 or 0.060 resistance level.
Support:
1. 0.025
2. 0.022
3. 0.012
Resistance:
1. 0.033
2. 0.044
3. 0.060
