On the ground level, Dash is a hard fork of Litecoin but attempts to overcome the shortcomings of Bitcoin, just as many other cryptocurrencies. Dash has undergone a large number of upgrades since 2014. Dash is a short form for Digital Cash with better anonymity in terms of completing transactions. It offers two modes of payment, instant send for quick transaction settlement and privacy send for anonymous transactions with additional privacy.
Dash has an in-circulation volume of 10 million coins, which makes up for roughly 54% of its total supply. It ranks at 55th position with a circulating market supply of roughly over USB 2 billion. Currently, its market cap is almost 400 times lesser than Bitcoin. To overcome bitcoin, the valuation of Dash in the future will have to reach a whopping $100,000. A gain for above 400x from this point of time, which compared to Bitcoin being considered as the digital gold despite holding limited real-life applications. For a brief time in 2014, Dash even crossed $1400 on charts.
Dash Eyes $310 After Strong Rebound
Dash has a strong momentum that has taken support from the important moving average of 200 Days Moving Average.
On the upside, Dash has resistance at $310 with strong support at $180 and $145. The consistent gains after the breakout of August 13 enable DASH to reclaim a higher level of $285. Reaching this new two-month high forced a profit booking reducing the valuation of Dash by 25%. The coin has bounced back from its 200 DMA, which is strong moving support.
The breakeven of this upside movement would come around $270. We are witnessing a rise in transaction volumes, which is a positive aspect that needs to be considered while predicting the possible price momentum. RSI trades at a histogram level of 57, showing a change in buying trend over the last two days. Since the upside resistance shows up above $270 and becomes stronger at $310, Dash can be expected to at least retest those levels in the coming months.
For now, there is very little probability of consolidation and even lesser scope of profit booking because of its strong bounce back.
