Dash price analysis: Facing significant resistance lines; Dash Evolution Platform to launch in Q4 2018
|- Dash bulls are still hanging on to the 61.8% support level while hammering on the stubborn short-term resistance at $156 and $160.00.
- “Dash Evolution is Dash’s team’s scalable approach to expanding the use of Dash blockchain and Dash (DASH) cryptocurrency towards mass adoption” Dash development team.
Dash recent declines had the digital asset trade lows around $132 before the battered bulls entered and pushed for a pullback. The pullback is not unique to Dash but, just like other altcoins, its price correlates with Bitcoin (BTC) price action. Bitcoin recovered from trading below $6,000 and even came close to $6,600 pulling the entire market along with it, although the effects vary with each asset.
Dash price bullish gains extended above the key resistance at the 61.8% Fib retracement level, with the last swing high of $166.25 and a low of $131.58 at $153.04. There was a considerable struggle at this level where the subtle bear reactions were support above $144. A breakthrough eventually yielded as the price retraced steps above $160 but stalled near $164.00.
The trend turned bearish but the former resistance at 61.8% Fib level came in handy working as support. The bulls are still hanging on to this level while hammering on the stubborn short-term resistance at $156 and $160.00. The critical intraday resistance is at $164 while the upper supply zone also the ultimate resistance in the medium term is highlighted at $169.42. On the other hand, if the 61.8% support is broken, $152.00 will work as the next support area while $136 and $130 are the last resort support lines.
In other new Dash Core development team has released an update on the launch of Dash Evolution 0.13.0 Platform. The release date has been scheduled within the fourth quarter of 2018. The initial draft of Evolution Platform road was released in the second quarter of 2018. At the moment, the Dash blockchain is executing the implementation of 0.12.3 that began on July 25. The development team explains that:
“Dash Evolution is Dash’s team’s scalable approach to expanding the use of Dash blockchain and Dash (DASH) cryptocurrency towards mass adoption. The plan to scale up Dash’s network is set in three stages, with Evolution (0.13.0) being the first. However, Evolution’s focus is not on scalability but the ease of use of Dash (DASH) crypto as a payment method.”
The new platform is expected to increase the adoption of DashPay P2P platform especially for crypto applications that are consumers friendly.
DASH/USD hourly chart
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