Dash is shedding gains at press time, but appears set to defend $600 levels.
As per CoinMarketCap, the world’s fifth largest cryptocurrency by market place capitalization is trading at roughly $685 – down 9.3 percent on the day – right after rising to an all-time higher of $826.95 at 09:59 UTC.
Also notable is that trading volumes have hit a record higher of $four.84 billion, suggesting the rally may well be right here to stay.
A look at the individual markets shows that the rally is becoming fueled by Korean desks. Trading volume in DASH/KRW pair offered by Bithumb, one of the biggest exchanges in South Korea, has gone up 30 % in the final 24 hours.
A single purpose may be the asset’s positioning in the news, with groups associated with the protocol announcing earlier this week they would partner to assist resolve Zimbabwe’s economic crisis.
But what ever the cause, value chart evaluation also favors further upside, albeit right after a healthier technical correction to $600 levels.
The above chart shows:
On the chart above:
Dash could drop to $600-$580 levels, courtesy of the bull marketplace exhaustion on the day-to-day chart and the bearish cost RSI divergence on the four-hour chart.
The base seems to have shifted greater to $600 levels – i.e. dips beneath $600-$580 could be brief-lived as indicated by a pattern of larger lows (increasing trend line on the 4-hour chart) and upward sloping moving averages.
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Disclaimer: This post ought to not be taken as, and is not intended to offer, investment suggestions. Please conduct your own thorough analysis prior to investing in any cryptocurrency.
Published at Thu, 30 Nov 2017 15:45:21 +0000