Dash [DASH] fails to fend off crypto bears
As the cryptocurrency market finds itself back in bearish territory following a correction in Bitcoin [BTC] prices on Saturday, Dash has been declining at a rapid pace. Investors seem to have shrugged off the coin’s addition to Evolve Markets trading platform.
Dash announced via Twitter on Wednesday that its addition to the platform, where forex and cryptocurrencies can be traded along with bets on stock indexes and commodities, would further add to the coin’s robustness. The announcement was expected to be a positive development for the digital asset.
But for now, Dash is forced to reflect the broader bearish sentiment that is currently plaguing the market. The cryptocurrency is currently ranked 14th in terms of market capitalization, valued at $1.98 billion, according to data from CoinMarketCap.
DASH prices battle selling pressure
The coin’s prices are in a consolidation phase, tracking its peers in the broader market. The virtual currency’s price experienced a breakout from the first resistance level, which can be traced at $240. However, the coin failed to break out from the current resistance level, noted at $250, and seems to be struggling under selling pressure.
The key resistance level can be found at just over $264 while the key support level can be traced at $217.2.
The 100 EMA line is currently exhibiting a downtrend. The MACD, at the time of writing, showed that the coin was trading in the bearish zone.
However, Dash had gained about 10 percent in the last week and had climbed as high as $302.7 on Friday. If Bitcoin continues to dip while the bearish momentum continues, the digital currency will see more losses in the days to come.
Interestingly, experts still have faith in the digital asset. According to Smartereum, Dash is expected to hit $1,600 by the end of this year. The five-year forecast is around $5,200.
At current levels, this may seem like a Herculean task. Investor sentiment would need a real boost to move out from bearish territory.
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