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  • Thu. Aug 18th, 2022

DASH is about to relinquish another support with $19 in focus

ByNdasi Tata

Jul 14, 2022
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1646822309794 f77bf3ff 670e 41c2 b06c 65f508795d92

  • Dash blockchain enables online payments for over 10,000 digital merchants and retailers.

  • DASH has fallen by 2.25% in 24 hours, increasing weakness at a support.

  • Price could proceed to $19 if it fails recovery at $40.

DASH, the crypto token of blockchain platform Dash, is down 2.25% in the last 24 hours. The cryptocurrency has fallen by almost 75% this year. DASH still has more room to fall as most cryptocurrencies edge lower. 

Initially developed as a privacy-preserving blockchain, Dash evolved to streamline online commerce. The project’s code was copied from Litecoin. The protocol was meant to allow efficient and less costly payments than Bitcoin. The blockchain boosts 1-second transaction speeds. Currently, Dash is a payment partner for at least 10,000 online merchants. On its website, Dash mentions more than $4.48 billion payments volume in Q4 2021.

The growth of DeFi and digital transactions is a plus for DASH. However, DASH investors may have to put up with a bear market. This analysis finds that DASH could find the next support at $19.

DASH weakens further at the $40 support

1657747647879 d387308b e7ee 415e 9168 73168b3078bbSource – TradingView

DASH is deeply in the bear zone, as the MACD indicators show. The cryptocurrency is yet to cross above the 21-day moving average since November 2021. The current $40 price level is a support zone, but DASH is showing signs of breaking below. If the $40 fails to hold, DASH could settle at $19. The level coincides with the price it was back in 2017 before the bull run. Investors should consider buying lower after further declines in the token.

Summary

DASH holds onto the $40 support. However, bearish momentum is on, and the cryptocurrency could break below. The price of DASH could settle next at $19, a 5-year low. Investors should wait to buy at lower prices.

The post DASH is about to relinquish another support with $19 in focus appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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