Crypto Traders are Bullish on Dash

By Chetna Phour

On Sunday, Dash the open source cryptocurrency surged 13 per cent against US Dollar and closed at $155.9 while the stablecoin tether (USDT) lost 4 per cent.

Dash is continually maintaining its slow upside momentum. Today the cryptocurrency pair tried to make a low towards $152.78 in the Asian session and lost its recent gains. If we check the candlestick chart for the cryptocurrency, after the green candle the cryptocurrency followed a smooth uptrend which attracted the crypto traders. At this point, cryptocurrency traders started to make long positions, and the cryptocurrency began to surge until it made the intraday high at 172.68 fiats. After touching the intraday high, Dash began to correct and undergone in a short-term bearish correction.

In the last 24 hours, over 24% of the trading volume of Dash originated from a Tether enabled market which is giving a clear picture that the cryptocurrency traders are moving their USDT holdings to Dash. USDT is a stablecoin which is pegged against US Dollar while Dash is an altcoin. Currently, Tether is trading at 4 per cent lower than its supposed valuation. During the last Tether drop towards 85 cents in the Kraken’s USDT/USD market, the cryptocurrency market had witnessed a significant volume and price surge. It seems that the current market conditions can be a repetition of the historical price behaviour with top coins such as Bitcoin Cash (BCH), Cardano, and Litecoin which are undergoing a collective bullish behaviour.

Before the surprising surge, Dash was forming higher highs on a daily basis. In the last week, Dash closed at $150.71, $153.00, $153.57, $153.86, and $155.58 from Tuesday to Saturday respectively. Currently, the cryptocurrency traders are looking at Dash as a safe spot to park their unstable USDT holdings. Because of the positive outlook, the market capitalization of Dash has increased from $1.3 billion to $1.42 billion. If there is a correction, it could balance the upside with an equal downside.

Recently Dash launched a new SMS -based cryptocurrency transaction service in Venezuela. The cryptocurrency already has a strong presence in the country, and the launch of new service will build its position stronger. With new SMS based payment service, the Venezuelan users will be able to carry out the crypto transactions without smartphone and internet access. The availability of smartphones and internet has been a significant barrier to cryptocurrency adoption for the country which is suffering from hyperinflation.