Dash [DASH] faces high seller pressure as market dips: Technical Analysis
At a time when the cryptocurrency market is constantly moving up and down, Dash [DASH] has failed to trade in green with upward trajectory. The Coinbase Pro listing of Zcash [ZEC] has not provided a major impact to the broader crypto market space. On Friday, as the price of Bitcoin [BTC] has fallen, the other altcoins have also joined the downward spiral with a mix of red and green patch in the market. In the early hours of Friday, the 14th most valuable digital asset has lost nearly $40 million from its market cap in a span of almost three hours. When the market was consistently in bullish zone, Dash [DASH] has dove around 7% in the last seven days and plunged almost 40% in the past one month.
The MACD indicates that the virtual currency is into the bearish territory and continuing on a downward spiral. The 100 EMA line, at the time of writing, showed that the coin was exhibiting a downtrend. The coin is far from breaking out from the key resistance level, which can be traced at $102.69.
At present, the hourly RSI indicator is marked at 43.5, which suggests that the digital currency is experiencing increased selling pressure in the crypto market. As per the data from CoinMarketCap, the overall market valuation of the virtual asset stands at $805.91 million. The token has lowered down nearly 2.43% against the U.S. dollar to currently, trade at $95.21.
At press time, the crypto has dropped 1.36% against Bitcoin [BTC] with one DASH valued at around 0.02255862 BTC.
Dash [DASH] Latest Updates
Crypto wallet and blockchain security firm BitGo added compatibility with two new digital coins, Dash and Stellar Lumens, according to a report by Fortune last month. BitGo clarified that it would enable customers to keep the digital asset, an open source crypto that was forked from the Bitcoin protocol, in digital wallets provided by the company.
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