12 Oct, 2020

Crypto Analysis: DASH

DASH finally broke free from weeks of consolidation and went to a new all-time high of $540. If you had read our weekly analysis, we had already predicted upwards movement last week, way before the uptrend happened. The upward movement, finally broke free of the long-term $350 resistance.

The current price movement can be attributed to a couple of factors. When the SegWit 2x fork was cancelled and scalability concerns of Bitcoin arose last week, most of them fled to Bitcoin Cash and Alt Coins. DASH was one of them.

The other reason may be due to the announcement of an update to DASH, version 12.2 which increases the block size to 2MB. This is seen as a positive sign since it will improve performance and transaction cost.

In the short term, DASH seems to have found a new support at $400 and is trading around that range. Set buy orders at $400 and stop-loss below that around $375 to $350. Set your sell orders at $440, $500 or even more depending on where you hope to take your profits.

Buy: $400
Stop-Loss: $375-$350
Sell: $440, $500