- The legislative assembly of El Salvador passed legislation to create a $150 Million Bitcoin Trust to support crypto infrastructure and services across the country.
- During the early European session, the DASH/USD spiked to the $240.91 level, scoring +2.36% 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 spiked to the $240.91 level, scoring +2.36% so far. The day before, the DASH/USD closed at $238.70 after placing a high of $240.30 and a low of $216.10. The DASH/USD extended its gains for the third consecutive session. If you are wondering what to expect and where to buy DASH, let’s find out below…
What’s the primary reason behind the DASH/USD bullish bias?
The reason behind the bullish trend in Dash could be the improved market sentiment. Moreover, the prevailing weakness in the US dollar may have underpinned the DASH/USD pair. There were no fundamentals affecting the Dash coin price, which left the cryptocurrency to follow the market’s prevailing trend of leading cryptocurrencies.
After the leading cryptocurrency, Bitcoin, the whole cryptocurrency market improved after declining for four consecutive sessions. The surge in bitcoin prices was due to the new legislation approved in El Salvador in favor of bitcoin.
The Legislative Assembly of El Salvador passed the legislation.
The Legislative Assembly of El Salvador passed legislation to create a $150 Million Bitcoin Trust to support crypto infrastructure and services across the country. The legislation passed with 64 votes in favor and 14 in opposition to the creation of the Bitcoin Trust. The Trust is planned to convert Bitcoin into US dollars and support the rollout of vital technological infrastructure to allow extensive adoption of crypto assets.
The Development Bank of El Salvador was chosen to oversee the operations of the Trust. This news came a week ahead of the launch of the Bitcoin Law that will make BTC the legal tender of El Salvador despite the prevailing protests against this law. Thus, the news added to the leading cryptocurrency’s value and improved the whole cryptocurrency market mood.
Dash to follow in the footsteps of Bitcoin
The other cryptocurrencies and altcoins followed the trend set by the leading currency and moved higher. The DASH/USD also followed the leading crypto, BTC, and surged higher as there was no related fundamental.
US nonfarm payrolls data
Furthermore, the continuous declining prices of the US dollar added further gains to the DASH/USD as both are negatively correlated. The US dollar fell to 92.5 levels on Wednesday after the ADP nonfarm employment change from the country declined against the market’s expectations in August.
The job creation from the private sector in the US came in at 374K, whereas markets were expecting it to surge to 640K. The figure was very far from the expected level and weighed on the currency. Hence, the DXY fell for the 4th consecutive session on Wednesday.
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
223.100 247.30
207.50 255.90
198.90 271.50
Pivot Point: 231.70
DASH/USD Double Top Resistance at $245 – Where to Buy?
The Dash price prediction remains bullish above the 231.70 level. However, the pair may find the next resistance at the $245 level. On the bullish side, the pair may find the next resistance at the $245 level, and a bullish crossover of this level could lead the pair towards $254 and $276.
In contrast, the $231.70 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 $235 level, demonstrating a bullish trend in DASH. The leading indicator, Stochastic RSI, is also in a buying zone, supporting a bullish trend in the DASH/USD pair.
Accordingly, forex trading participants may look for a buy trade above the $231.70 level to the target of $249 and $265. Alternatively, we can place a sell-stop below $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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