DASH doubles its value since the start of the year amid Venezuela Internet outages


  • Dash price increased by over 100% in the first two weeks of 2020.
  • Internet outages in Venezuela might have played a role in the massive price increase.

Dash is one of the best-performing altcoins out of top-20. The coin has gained nearly 30% of its value in recent 24 hours and hit $85.79 in recent hours. Decpite the retreat towards $83.57 by press time, it is still retains strong bullish bias amid high volatility. Dash average daily trading volume nearly doubled in recent days and exceeded $500 million. Dash is most actively traded against BTC.

Venezuela Internet outages support Dash

It is no secret that Dash is one of the most popular digital coins in crisis-stricken Venezuela. Since the beginning of the year the coin's price has increased by over 100%, while Bitcoin has gained only 19% within the same time frame. 

Cryptocurrency experts often attribute Dashes; success to massive adoption in Venezuela. Recently, Burger King added the coin to the list of accepted payment methods in one of its 40 the restaurants in the country. While the event itself had a limited impact on the market, it encouraged a wave of speculative interest. 

Also, a massive Internet outage in Venezuela on January 13 might have served as additional boost to Dash that can be bought and sent via SMS service. Thus Dash SMS wallet Dash Text continued to work during blackouts back in March 2019 and during Internet outage in January 2020.  

Netblock.org, the comoany that tracks disruptions and shutdowns, wrote on Twitter:

Confirmed: Total internet outage with #Venezuela's state-run operator ABA CANTV affecting Bolívar, Monagas and parts of Anzoátegui from 8:00 a.m. local time; incident ongoing.

DASH/USD: technical picture

From the technical point of view, DASH surpassed SMA200 daily for the first time since July 27, 2019. While this development is regareded as a strong bullish signal, the charts imply that the correction may be underway as the daily RSI has entered an overbought territory. Moreover, the price rushed outside the Bollinger Band (daily), which is also a signal of an overstretched market. 

The initial aim of the correction is $74.00 ( the upper line of the daily Bollinger Band). If it gives way, the retreated may be extended towards $70.00 and %9/00 (SMA100 daily).

On the upside, a sustainable move above the recent high will open up the way towards $97.00 (SMA50 weekly) and $100.00.

DASH/USD daily chart

More: Two cryptocurrencies to buy in 2020

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin is at risk of a major sell-off after halving

Bitcoin (BTC) has been rising sharply since the beginning of the week. The first digital coin managed to clear the psychological barrier of $9,000 and hit the intraday high of $9,148.

More Bitcoin News

Bitcoin Cash on the verge of disaster due to proposed tax on miners

Bitcoin Cash, now the fourth-largest digital asset with the current market value of $6.6 billion has gained over 2.5% since this time on Monday.

More Bitcoin Cash News

ETH needs another catalyst to continue gains

Ethereum (ETH) has been gaining ground for three days in a row. The coin hit an intraday high at $173.58, but retreated to $172.16 by the time of writing.

More Ethereum News

ADA/USD bulls set their eyes on SMA50 weekly

Cardano (ADA) is the tenth-largest digital asset with the current market value of $1.3 billion. The coin has been one of the best-perfroming assets with over 15% of gains in recent 24 hours.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP