DASH price forming a bullish flag pattern as Dash network works to become a digital currency that does not feel like a cryptocurrency

DASH price is starting to recover from the lowest dip it sunk to since it broke below $400 a few days back. The entire cryptocurrency market has been engulfed in heavy selling pressure since the beginning of the week. DASH/USD commenced the week’s trading at $410; however, the price encountered sharp declines breaking below key support areas at $400 and $380 respectively.

Speaking to Finance Magnets, Dash’s spokesperson, Amanda B. Johnson said that Dash is “currently under very active and rigorous development to become the first cryptocurrency that does not look or feel like a cryptocurrency.” Accordingly, “[Dash’s] target audience is the kind of person who is not interested in cryptocurrency.”

The network is working on its technology to change the cryptographic address to simply a username and password to cater for the people who do want to be identified with the technical cryptographic addresses. Amanda said that Dash is planning to bring into the crypto space what the banking sector is offering the customers. More features and incentives resembling loans will be available for the Dash network users as well.

Technical picture

DASH price is currently trading above the 100 Simple Moving Average on the intraday 15 minutes timeframe which is working as a support line. The currency is moving to trade in a range as both the 100 and the 50 Simple Moving Averages are changing direction from a downward slope to horizontal. During the recent declines, DASH/USD formed a support level at $350 that has been tested severally before the price bounced off to the upside. There is a continued bullish channel that is forming with the upside gains capped below the 23.6% Fib retracement level with the previous swing high of $422 and a $350 low. On the downside, DASH/USD must maintain above $350 to avoid more declines towards $330 level.

DASH/USD 15 minutes intraday chart