Dash, the 6th largest cryptocurrency by market cap, saw a fair bit of volatility in the past week. While everyone was watching the war between Bitcoin and bitcoin cash, Dash exploded over the weekend. After reaching the all-time-high level of 600, DASH/USD erased over half of its gains and has been closing the past few trading sessions below 50% Fibonacci retracement level at around $420. The Dash network operates on a two-tier platform, split between miners and network “nodes” which approve new transactions. To create an incentive system for nodes to help the network run smoothly, the value of each new block on the blockchain is attributed equally — 45% to miners and 45% to the master node. The remaining 10% goes into a joint pool of funds held by the network. Last week, one of the platform’s developers announced a network update which will increase the transaction size for each block to 2 megabytes (MB). That’s the size which bitcoin developers just rejected, electing to maintain a capped size of 1MB, while BCH has an 8MB capacity. After the big surge on the announcement, however, market participants now seem indecisive as to which direction to take DASH next, as the bears and bulls seem to be equally strong. At the moment. If anything though, the future cloud of Ichimoku Kinko Hyo’s daily setup has turned sharply bullish. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.
For more from Invest Diva, click here
HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.