Share:
  • 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

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.

More Bitcoin News

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.

More Ethereum News

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.

More Cryptocurrencies News

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.

More Cryptocurrencies News

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.

Read full analysis

BTC

ETH

XRP