- Dash rejected support the $205 and $200 support areas but managed to find bearing at the 61.8% Fib level.
- Dash Text is still in the beta stage, although it is expected to gain traction in Venezuela at a fast rate.
Dash has not been spared by the bearish reversal affecting most of the cryptocurrencies in the market. The trend is strongly bearish and Dash is reacting by slashing the gains made last week. The gains that started mid-week last week were across the board but Ripple (XRP) commanded the bigger chunk of the bullish move. However, it appears that the investors are liquidating (taking profit) following months of being stuck in lower levels.
Dash is taking the market in Venezuela on another level following the introduction of Dash text. This an SMS-operated mobile application to support easier and faster transactions while utilizing Dash cryptocurrency. The country’s economy is in shambles following international trade barriers. The situation had led to high inflation levels that have devalued the local currency, the Bolivar in tunes of 200,000 percent. Dash has become the saving grace for the citizens of Venezuela, enabling cross-border transfers that are seamless and secure.
Dash text uses the mobile-based SMS service by allowing the users to either send or receive DASH by a simple specified command to a 5 digit shortcode. The country has at least an 80% mobile phone penetration. However, smartphone usage is still as low as 40%. Although Dash Text is still in the beta stage, it is expected to gain traction quickly in a nation that is yearning for a financial solution. Alejandro EcheverrÃa, A Dash Text co-founder said in regards to the product:
“The Bolivar loses around 3-4% of its value per day, so Dash is the perfect alternative for Venezuelans to save their money against hyperinflation. And since cryptos are legal, there is a huge opportunity for Dash here. Currently, there is a shortage of cash in Venezuela, and this has caused the point-of-sale network to collapse and people spend hours in order to pay a simple purchase. People also spend hours in line for withdrawing cash from an ATM. Dash can solve this perfectly.”
In the meantime, Dash is trading at $193 after rejecting the support zones at $205 and $200. The buyers seem to have found bearing marginally above the 61.8% Fib retracement level with the last swing high of $214.9 to a swing low of $177.03. $195 is limiting gains to the upside but $200 and $205 are significant hurdle areas. Generally, the trend is bearish with the MACD in the negative zone and the SRI barely holding on to 30%.
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