- The ongoing trimming exercise will find support at the 50 SMA.
- Dash is making headway in Venezuela becoming the preferred means of payment.
Cryptocurrency assets have begun reversing the gains following an incredible week of higher correction. However, the situation is not bad for the bulls in the market as most assets are defending vital support zones. Dash (DASH), for instance, is the bull among the bears trading in the green even with most of assets struggle to breakout of the bear range. Dash is up 2% on the day.
There was an upswing recently where Dash price corrected higher breaking above the 61.8% Fib retracement level with the last swing high of $176 and a swing low of $153.78. Further gains above this level stepped above $174 before losing steam shirt of $175. A token of DASH is going for $170.31 at the time of press. The ongoing trimming exercise will find support at the 50 SMA (1-hour) currently at $168.73. The bullish trendline is also providing support in addition to the 100 SMA support at $166.5.
Dash bulls must continue to hold their ground at $170. This will allow them to forge another swing past the resistance at $175 and test $180 in the near-term.
Dash has in the recent past gained traction among the citizens of Venezuela. DASH has become a preferred means of exchange with many merchants accepting the asset for payment. Besides, the residents can pay with DASH using feature phones via a USSD code.
DASH/USD 1-hour chart