DASH price analysis: DASH/USD soars 6.5% in a bear market amid partnership news
- DASH recovered from the ashes below $170 but facing hurdles towards $225.
- FanDuel fantasy sports competition is back and the current NFL edition is supported by DASH.
The crypto carnage is the market has been paralyzing investors. While everyone thought the drop in August of severe, last week’s declines were worse. However, certain digital assets like Dash have engaged thrust boosters are proving to the bears that they cannot be tied down. DASH broke below the short-term support at $220 on failure to recoil above $225. The slide could not be stopped at $200 but created a low of $165.77. This gave the buyers an opportunity to enter and since then they have increased the ball possession.
In other news, Dash has entered into a partnership with FanDuel. The platform has decided to re-launch its fantasy sports competition referred to as Crypto Cup. The competition gives lovers of sports opportunities win prizes in DASH. The previous competition was the February edition of Crypto Cup based on NBA. Consequently, the current edition is based on NFL, which started on Sept 9 to Sunday, January 6.
At present, Dash is trading in an ascending channel after recovery from the above-mentioned lows. The upside is, however, limited at $210 but the trend is still strongly bullish. The stochastic oscillator on the hourly chart is ranging at 80%. Moreover, the Initial support is at $200, although the 150SMA currently at $192.89 and the 100SMA at $186.01 will halt declines in the event the bears increase their grip and declines extended below $200.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
