- The NFT and DeFi boom pushed the prices of tokens associated with programmable blockchains like Ethereum, Solana, Polkadot, Cardano, and others.
- During the early European session, the DASH/USD is trading choppily at $237, losing -0.50% so far.
- Forex trading participants may look for a buy trade above the $231.70 level to the target of $249 and $265.
During the early European session, the DASH/USD is trading choppily at $237, losing -0.50% so far. The day before, the DASH/USD closed at $239.00 after placing a high of $245.90 and a low of $235.60. The DASH/USD extended its gains on Thursday but faced profit-taking pressure and turned flat for the day. If you are wondering what to expect and where to buy DASH, let’s find out below…
Dash Collaboration with Liquid’s Quick Exchange Underpins Dashcoin
The Dash coin has been rising in price since integrating a new feature that has enabled the purchase of altcoins with a VISA card. The service was added with the collaboration of Liquid’s Quick Exchange. This feature integration was followed by the launch of the payment app DashDirect for more than 155,000 vendor locations.
The hike in Dashcoin was accelerated after the whole cryptocurrency market mood improved from the positive developments surrounding the crypto space.
NFT and DeFi boom pushed the prices of tokens higher
The NFT and DeFi boom pushed the prices of tokens associated with programmable blockchains like Ethereum, Solana, Polkadot, Cardano, and others. The rising prices of these coins improved the whole market mood that was then followed by Dashcoin as well. It was already rising, and the market’s positive sentiment added further gains to DASH/USD.
Weaker Dollar Underpins DASH on Friday
Another reason behind the flat movement for DASH/USD could be the declining price of the US dollar. The greenback was weak throughout the trading session. It moved near the 92.21 level amid the cautious behavior of investors ahead of the significant jobs report release scheduled for Friday.
Despite the favorable macroeconomic release on Thursday, the greenback could not change its stance and moved lower for the day. It ultimately supported the prices of DASH/USD as both have a negative correlation.
However, on Thursday, the cryptocurrency Dashcoin faced resistance at $245. Investors started to book profits for the day, which ultimately dragged the prices to the downside. Moreover, the cryptocurrency DASH remained flat throughout the session without any related fundamentals for the day.
US nonfarm payrolls data
The Bureau of Labor Statistics will be releasing the US nonfarm payroll data tomorrow, and it’s expected to perform worse compared to the previous month. Furthermore, it was already under pressure after investors’ hope to get any clue about the timeline of tapering by the Fed was crushed by Fed Chairman Jerome Powell at the Jackson Hole symposium last week.
Dash Price Prediction – Technical Levels
Support Resistance
234.44 244.74
229.87 250.47
224.14 255.04
Pivot Point: 240.17
DASH/USD Double Top Resistance Intact at $245 – Where to Buy?
The Dash price prediction persists bullish over the 231.70 mark. Nevertheless, the DASH/USD pair may see subsequent resistance at the $245 level. The pair may gain the next resistance at the $245 level on the bullish front, and a bullish crossover of this mark could drive the pair towards $254 and $276.
On the other hand, the $231.70 support zone breakout could trigger a heavy selling trend until the $214 and $198 support marks. On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) operates at the $235 level, confirming a bullish trend in DASH. The leading indicator, Stochastic RSI, is also in buying territory, confirming a bullish trend in the DASH/USD pair.
Accordingly, forex trading participants may watch for a buy trade over the $231.70 level to the point of $249 and $265. Alternatively, we can order a sell-stop beneath $231.70 to target $214 and $199 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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