Dash (DASH) is a decentralized autonomous organization (DAO) in which the governance model and ‘rules’ of the ecosystem, as well as the financial decisions, are controlled by those who stake and mine the Dash tokens.
Dash went on a one-year moonshot starting in December 2016, where it was trading at an all-time low of $8.50 and topping out at over $1,500 at the end of 2017.
The 2018 bear market has caused huge percentage corrections from all-time highs. Dash is no different, seeing a 92 percent loss in the past eleven months.
Taking a look at the 3-day and two-week stochastic RSI, it appears that Dash is approaching overbought territories in the range of 80 to 100.
More likely than not, Dash will need to return back to the $75 range to consolidate before making another attempt at breaking out of the descending channel.
Dashed To Pieces
Since reaching a tipping point at the end of December 2017, Dash has ping-ponged between the support and resistance lines (pink) in a descending channel, while establishing horizontal support levels on the way down at $300 (green) and $150 (orange).
Dash recently closed at a new 2018 low of $82 before bouncing back to $100 shortly and is today trading at $92.
Taking into account the Stoch RSI and the previous cycles in this bear market, Dash will most likely begin to establish a new support in the range of $75 to $80 and could potentially make a move up to the descending resistance in the neighborhood of $115.
Taking into account the Stoch RSI and the previous cycles in this bear market, Dash will most likely begin to establish a new support in the range of $75 to $80 and could potentially make a move up. Click To Tweet
In the event that there is enough power to break out of the trend, the next move up could see the price returning to the $150 support. Traders looking to accumulate for the long-term or make a short-term swing trade should set limits in the $70 to $80 range.
Continuing dumps in Bitcoin (BTC) could potentially have a negative effect on Dash, however. Considering the two previous 50 percent step-downs, it would not be surprising to see Dash fall to the $35 to $50 range in the event of a further prolonged bear market.
Do you think Dash will see drops to new lows before the end of 2019? Do you believe Dash will ever be able to break the $1000 mark again? Let us know in the comments below!
Images courtesy of TradingView.
Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does not hold Dash.
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