- Was a support formed at $135 during the session on Wednesday but the bounce off from the support has remained range-bound below the 100 simple moving average.
- Over 200 merchants in Venezuela are accepting Dash payments.
Dash is currently trading between the moving average support and resistance. The 100-day 15-minutes moving average is limiting gains at $139.97 while the 50-day simple moving average is offering support at $137.10. Dash price recently performed considerably well and recovered from the previous dip around $138.
The uptrend surged in successive bullish engulfing candles embracing the support at $140. The price brushed shoulders with $152 but the trend turned bearish. The crypto has been canceling gains ever since with the bearish trendline thwarting all the attempts to recoil higher. The crypto has been recording lower highs and lower lows to the extent of breaking the former support at $138.
There was a support formed at $135 during the session on Wednesday but the bounce off from the support has remained range-bound below the 100 simple moving average. At present, Dash is exchanging at $138.3 while battling to correct higher. The MACD is in the positive region while the gap between the moving averages is reducing. The bulls have some influence over the bears but they lack a catalyst to push the price higher above $140. If the 50 SMA support is broken, the trendline will work as another support line while the previous support at $135 should be able to hold ground.
In other news, the Chief Executive Officer of Dash Core Group, Ryan Taylor has been reported to have said that struggling Venezuela has become the second-best market for its cryptocurrency Dash cash. More than 200 local merchants have already signed up and are accepting Dash payments. The country has come under heavy pressure following the deepest recessions ever experienced. The Bolivar, Venezuela’s local fiat currency has been losing value such that to buy a cup of coffee one must have 2.5 million bolivars as compared to 2,000 in just one year.
“We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our No. 2 market, even ahead of China and Russia, which are, of course, huge into cryptocurrency right now,” Ryan Taylor while speaking to Business Insider, a news website.
DASH/USD 15′ chart
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