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  • DASH/USD plunged to the $243 level, losing -3.7% so far.
  • The launch of DashDirect enabled Dash holders to spend the coin at more than 155K stores.
  • Forex trading participants may look for a sell trade below the $250 level to the target of $235. 

During the early European session, the DASH/USD plunged to the $243 level, losing -3.7% so far. The day before, the DASH/USD closed at $248.58 after placing a high of $273.93 and a low of $245.05.If you are wondering what to expect and where to buy DASH, let’s find out below…

The DASH broke its 6-day bullish streak and reversed its course on Wednesday, and turned red for the day. The reversal in DASH/USD could be attributed to the recent cryptocurrency market sell-off driven by the latest ban on mining facilities in China.

Chinese Yingjiang to Stop Power for BTC Mining Facilities 

Chinese Yingjiang County in Yunnan Province has issued a notice which asks hydropower plants in the city to stop supplying power to bitcoin mining facilities. The notice was granted till 24th August to power plants to delist mining facilities from their supply grids. Otherwise, the government will forcibly dismantle the illegal supply of bitcoin mining facilities within its jurisdiction. 

This news added heavy pressure on the leading cryptocurrency BTC/USD on Tuesday that eventually dragged the whole cryptocurrency market to the downside.  

DASH to follow overall crypto market trends 

The altcoin DASH/USD also followed the market trend for the day set by the leading cryptocurrency by market cap, bitcoin, and broke its 6-day long bullish streak and turned red. Furthermore, the rising U.S. Treasury Yields on the benchmark 10-year note added strength to the greenback. Thus, it forced DASH/USD to reverse its course as both have a negative correlation. 

The treasury yields reached near a 1.30% level and pushed the greenback higher amid the recent optimism in the market related to economic recovery. 

The hopes that economic recovery will resume at its pace increased after the U.S. FDA fully approved the vaccine made by Pfizer and BioNTech and added to the optimism that pushed the U.S. dollar higher and weighed on DASH/USD.

DashDirect Enables Spending at +155K Stores

The launch of this application enabled Dash holders to spend the coin at more than 155K stores. This initiative represented seven times more in-store merchant locations than Bitcoin globally and helped DASH/USD move higher onboard and place gains.

The development of DashDirect and the launch of a direct sale service through VISA credit cards added to the value of DASH/USD and pushed it near $260 during the start of the week. However, the pair is now taking a bearish reversal amid technical factors. Let’s take a look at technical analysis. 

Where to Buy DASH/USD?
DASH/USD 4-Hour Chart

Dash Price Prediction – Technical Levels

Support Resistance

237.77 266.65

226.97 284.73

208.89 295.53

Pivot Point: 255.85

DASH/USD Slips Below 247 Support – Where to Buy?

The Dash price prediction is bearish on Wednesday as it has already violated an intraday pivot point level of $255.85. On the 4 – hour chart, the DASH/USD pair shows a solid downward trend as it failed to complete the 3.618% Fibonacci extension at $297.

On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $267 level, demonstrating a selling trend. Moreover, the Stochastic RSI indicator has entered the selling zone, as its value is 6. This shows sellers may get exhausted soon and trigger profit-taking. If this happens, Dash buyers may start entering the market. 

On the bullish side, a breakout of the $250 level now could lead the DASH price towards $267 levels. In contrast, the failure to break above the $250 level could offer a quick sell trade until the $235 and $220 support levels.

Therefore, forex trading participants may look for a buy trade above the $250 level to the target of $270. Alternatively, we can place a sell limit below $250. 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.

Looking to buy or trade crypto now? Invest at eToro!

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