DASH price analysis: DASH/USD exploring new lows in the wake of Coincheck’s delisting; eToro market analyst Mati Greenspan argues that DASH is “acutely undervalued”
|- eToro’s valuation put DASH market capitalization at $5.5 billion compared to the current cap at $3.3 billion.
- DASH/USD is correcting lower, down 1.91% on the day.
DASH price has not been spared by the downside trend in the market. It is down 1.91% on the day, besides it is trading below $400. The cryptocurrency has broken below the support level at $380 and is now trading at $376. Coincheck cryptocurrency exchange, based in Japan yesterday removed the support for four privacy-focused coins including DASH. DASH price reacted with a slide, however, it is joined by a negative wave that is sweeping across the market.
eToro’s market analyst, Matt Greenspan has recently released his analysis of DASH cryptocurrency and he is very bullish about the coin. The report after valuation places DASH’s market capitalization at approximately $5.75 billion as opposed to the current market cap of $3.3 billion. Mati wrote on Twitter today that:
“Dash is digital cash... and according to our analysis, it's also acutely undervalued compared to the rest of the cryptocurrencies.”
DASH price locked within the confines of the narrow end of the descending wedge pattern on the 1-hour timeframe chart. DASH price has been correcting lower since the first week of May after trading briefly above $500. The MACD on the same chart is at the -4 mark. DASH/USD exchanging hands below the moving averages which have crossed at $391 signalling that the crypto could consolidate higher than the current price. It is supported at $370 and $360 respectively, however, the major support rests at $300.
DASH/USD 1-hour chart
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