- During the early European session, the DASH/USD plunged to the $219 level, losing -2.32% so far.
- Local authorities in Yinjiang County ordered their hydropower plants to cut the supply to bitcoin mining facilities.
- Forex trading participants may look for a buy trade above the $230 level to the target of $249 and $265.
During the early European session, the DASH/USD plunged to the $219 level, losing -2.32% so far. The day before, the DASH/USD closed at $216.40 after placing a high of $230.70 and a low of $215.30. The DASH/USD continued with its bearish streak for the 3rd consecutive session on Monday and reached its lowest since August 19. If you are wondering what to expect and where to buy DASH, let’s find out below…
Depressing Crypto Market Weights on DASH/USD
The DASH/USD also followed the recent depressing market mood set by the leading cryptocurrency, Bitcoin. The Bitcoin changed the whole market mood to bearish after the protestors came out in front of the upcoming Bitcoin Law in El Salvador that is set to take effect on September 7.
Furthermore, the latest warning issued by the Chinese Central Bank to make the people of China aware of the risks associated with the trading of cryptocurrencies also kept the BTC/USD lower.
The crypto crackdown by China accelerated as local authorities in Yinjiang County ordered their hydropower plants to cut the supply to bitcoin mining facilities working in the region. The declining prices of BTC/USD changed the market mood to bearish, and other coins, including DASH/USD, followed the trend and dropped for the 3rd session.
Stronger Dollar Wrights on DASH/USD
There were no new fundamentals regarding the DASH coin, so the cryptocurrency continued to follow the market trend and the price movements of the US dollar. The greenback was higher on board as Fed Chairman Jerome Powell said that the central bank might reduce its asset purchases by the end of this year. However, the chairman refrained from providing any specific timeline for tapering.
The improving conditions of the US economy also supported the rising prices of the US dollar. The employment sector was improving, and inflation was already above the target set by the central bank. The US Dollar Index, which measures the greenback’s value against a basket of six major currencies, rose to 92.79. Eventually, it added further pressure on already declining prices of DASH/USD as both have a negative correlation.
Dash Price Prediction – Technical Levels
Support Resistance
219.99 254.02
208.28 276.34
185.96 288.05
Pivot Point: 242.31
DASH/USD Downward Channel Resistance at $225 – Where to Buy?
The Dash price prediction remains bearish below an immediate resistance level of $225. On the 4-hour chart, the DASH/USD pair’s downward channel is extending solid resistance at the $225 level. Closing the doji candles below $225 supports strong chances of a bearish trend in DASH.
On the bullish side, the pair may find the next resistance at the $242 level, and a bullish crossover of this level could lead the pair towards $254 and $276. In contrast, the breakout of the $213 support zone could trigger a strong selling trend until the $197 support level.
On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $225 level, demonstrating a selling trend. However, the Stochastic RSI indicator is also in a buying zone, and that’s where investors may get confused.
Accordingly, forex trading participants may look for a buy trade above the $230 level to the target of $249 and $265. Alternatively, we can place a sell-stop below $210 to target $199 and $186 levels. All the best.
Where to Buy DASH/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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