Forks and new cryptocurrencies have been the basic mantra of creating new cryptocurrencies. While we have heard a lot about Bitcoin and Ethereum forks, Litecoin was among the top-tier cryptocurrencies till a few years ago. Litecoin had a popular fork which was developed into something called a Digital Cash, suppressed into Dash.
The goal is to offer a better, safer, more secure cryptocurrency payments network than the one provided by Bitcoin, Litecoin, and their likes. For example, Dash offers instant send for a quick transfer. In addition, privacy send for masking the identity of the receiver and sender, which are additional features provided by Litecoin or Bitcoin even in 2021.
With a market capitalization of above USD 1.80 billion, Dash holds the 62nd position in terms of size. Furthermore, Dash has liquidated only 54% of its total supply, which positively impacts the price movement as this cryptocurrency has a lot more visible potential.
Dash Slides Amid Bearish Pressure
Dash has been in a spiral of selling sentiment ever since the short crash of crypto prices on September 07 and has been making new monthly lows with every retracement. At $172.75, Dash is down by more than 36% in less than three weeks.
DASH attempted some consolidation to jump back to the above $200 levels since falling on September 07 to the tune of 20% on a closing basis. After consolidating for a week, DASH went through another round of selling after facing resistance in crossing the 100-day moving average. This fall over one week broke even the more substantial level of 200 days moving average.
Even after taking support from $153 levels, DASH shouldn’t be considered for buying yet. There is still a higher probability of falling under the $150 value. Until Dash manages to trend above the 100 DMA, one should keep their hands out of this cryptocurrency. RSI levels show some positivity, but current price action creates a synchronous negative trend breaching the 200 DMA again.
