The cryptocurrency market is pressured, all major cryptocurrencies are falling this month and according to current market sentiment, this trend is not over yet. The price of Dash is down more than 30% since the beginning of November but the price could fall even more and we can not say for sure that this is the end of the downtrend. Dash is a cryptocurrency that was released in early 2014 under the original name of DarkCoin (DRK). Dash is a privacy-focused cryptocurrency and it is important to mention that Dash solves two of Bitcoin’s biggest problems: speed of transactions and the lack of privacy. The main advantages of this cryptocurrency are low fees, quick confirmation times and a moderate level of anonymity. Dash is one of the cryptocurrencies which you should definitely not ignore and this cryptocurrency might still be undervalued despite all the problems. There is still a level of uncertainty surrounding this project and one of the factors to consider before deciding whether or not to buy this cryptocurrency is the competition that Dash will face from other similar projects. The positive thing is that lots of partners are already supporting this cryptocurrency and Dash is already connected with various payment programs. Dash currently stands around $49 and the first strong sign of recovery would be if the price jumps above $80. In the chart below (a period from December 2018), I have marked major resistance and support levels which can help us to understand where the price could move. The current resistance levels are $60, $80 and $100, $40 represents the strong support level.
We can also notice that the price of Dash has weakened from $180 below $50 in less than 180 days and the current price level could not be considered the end of this negative trend. Dash remains in the bearish phase but if the price advances above $80 it could be a good sign of the trend reversal. If the price drops below $40 strong support that would be a strong “SELL” signal and the open way to $30.
Recommendation: The price of Dash is still under the pressure and for now, we can not see the “light” at the end of the tunnel. After researching some of the leading Dash price predictions, I found that most professionals predict the bright future for this cryptocurrency but in my opinion, this cryptocurrency still faces lots of problems. It is very hard to explain the actual value of Dash and because of that, I would recommend to everybody to be careful with investing in Dash. Dash has a strong resistance area at $80 and it would take a break above this level to confirm a new leg higher towards the $100 resistance level. If the price jumps above $100 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $85 and take profit at $120 or above. If the price drops below $40 strong support that would be a strong “SELL” signal and the open way to $30.