Dash [DASH] on downward spiral as market declines Technical Analysis

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Dash [DASH] on downward spiral as market declines Technical Analysis

The upward momentum in the crypto market broke with the bears taking over the space and Dash failed to combat this downfall. On Friday, as the 15th most valuable digital asset in terms of market cap began trading in red, the coin encountered heightened seller pressure. Over the day, the altcoin started to follow a sluggish momentum with a downward trajectory. At a time when the cryptocurrency market seemed to be fairly stable, Dash has tumbled around 10.6% in a span of seven days and added nearly 11% in the last one month.

DASH/USD

The MACD indicates that the digital asset is trading in the bearish zone and the 100 EMA line, at the time of writing, indicates that the altcoin is exhibiting a downtrend. The  key support level of the virtual asset is formed at $76.02 and the coin is trading below the level.

The hourly RSI indicator presently stands at 40.4, which suggests that the intense seller pressure is steadily pushing the coin to the oversold levels. The virtual currency, at press time, is valued at nearly $73.67, dipping almost 3.12% against the U.S.dollar. As per the data from CoinMarketCap, the overall market cap of the cryptocurerncy stands at $630.77 million.

dash

Dash [DASH] price chart

DASH/BTC

At the moment, the crypto has edged up nearly 0.71% against Bitcoin [BTC]. Currently, one DASH is worth around 0.020048 BTC 

Dash [DASH] Latest Updates

The Canadians can now rejoice greater crypto availability as Dash, the 15th most valuable digital asset, is supported on the Coinsave platform. Announced on 7th January, the company has mentioned that the cryptocurrency is paired against the Canadian dollar. All the existing and new users can now directly buy and sell Dash for Canadanian dollar only on this cryptocurrency provider. Coinsave is also gearing up with a new facility to send the altcoin to external wallet by early this year. The Canada-based crypto provider offers to its native citizens a range of virtual currencies such as EOS, Ethereum, Ripple’s XRP, Bitcoin and many others.

A Reddit user noticed that more than 51% of Dash’s hashrate is controlled by a single wallet. According to the user NicheHash crypto mining marketplace contains majority of the hashpower on Dash network. Dash has a total of almost 1,900 Terrhashes per second at time of writing. Meanwhile, NiceHash is responsible for more than 1,000 TH/s across over 25,000 miners. According to the analysis carried out by the Reddit user, three of the top addresses over the last few thousand blocks is seen to be controlled by the same entity.

See also:

Single entity controls over 51% of Dash hashrate, Reddit user points out

Dash now available to Canadians only on Coinsave platform

Image via Shutterstock

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