- During the early European session, the DASH/USD spiked to the $233 level, scoring +6.99% so far.
- The US Dollar Index fell to the 92.40 level, the lowest in 18 days, pushing the DASH/USD higher.
- Forex trading participants may look for a buy trade above the $225 level to the target of $249 and $265.
During the early European session, the DASH/USD spiked to the $233 level, scoring +6.99% so far. The day before, the DASH/USD closed at $224.00 after placing a high of $228.90 and a low of $121.60. The DASH/USD reversed its course after falling for three consecutive sessions on Tuesday and recovered a small portion of its previous losses. If you are wondering what to expect and where to buy DASH, let’s find out below…
Afek Zard was sent to prison for 8-years after stealing $7 million worth of Dash
The Dash coin was under pressure the previous days because of the prevailing sell-off market sentiment and negative network developments. A couple of weeks ago, a court in Israel sent a 27-year-old citizen, Afek Zard, to prison for 8-years after stealing nearly $7 million worth of Dash coins from a friend.
According to the authorities, Zard was a regular guest at his friend’s house and even had his own key. He was an experienced trader with cryptocurrency investments, and he took advantage of the friendship. Afek hacked his friend’s computer and stole the details of his digital wallet, which included about 75,000 DASH coins.
When he was found guilty in court, he was sentenced to 8 years in prison and paid a fine of $1.5 million. Moreover, he compensated his friend with $80,000. This news and the recent market sell-off are driven by the weakness of the leading cryptocurrency Bitcoin, adding further loss to DASH/USD.
Weakness in the US dollar underpins the DASH/USD pair.
The cryptocurrency found some support and turned green for the day amid the recent weakness in the US dollar. The greenback was declining from the previous 3-days after Fed chair Jerome Powell gave dovish comments about reducing monetary support for the economy induced by the coronavirus pandemic.
The US Dollar Index fell to the 92.40 level, which is the lowest in 18 days. It pushed DASH/USD higher as both have a negative correlation. The US dollar was also facing heavy pressure from the cautious behavior of investors ahead of the release of NFP data this week.
Dash Price Prediction – Technical Levels
Support Resistance
214.76 231.06
205.53 238.13
198.46 247.36
Pivot Point: 221.83
DASH/USD Violates Downward Channel at $225 – Where to Buy?
The Dash price prediction remains bullish above an immediate resistance become support level of $225. On the 4-hour chart, the DASH/USD pair’s downward channel has been violated, demonstrating strong odds of a bullish trend continuation in the DASH/USD.
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 $225 support zone breakout could trigger a strong selling trend until the $214 and $198 support levels.
On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $228 level, demonstrating a bullish trend in DASH. Alongside, the leading indicator Stochastic RSI is also in a buying zone, supporting a bullish trend in DASH/USD pair.
Accordingly, forex trading participants may look for a buy trade above the $225 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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