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Saturday's Dash continued to rise up amid a strong buying phase that started mid-week.
Wednesday's DASH / USD pair set its weekly low at 156.60 fiat. After that, the pair suffered a good recovery towards 186.60 fiat in the day, overcoming the crucial resistance zones during the Thursday trading session. The sentiment continued to thrive despite some bearish sobs around 171.00 on Friday. And now, in the last 24 hours, DASH / USD has managed to record a new intraday maximum near 196.30 fiat.
New Partnership Hypes Up Dash Business Adoption
The last rally of Dash has had credits to its new membership with a South American mobile company. Krypto Mobile Corporations, a traditional startup, has integrated a Dash payment option for its cryptographic enabled mobile phones. The company is heavily active in the regions with a cash deficit in Latin America, including hyperinflation – stuck in Venezuela. By proposing to traders and users an option to choose Dash on their unreliable Bolivar, the company has breathed a new bullish sentiment in the Dash community.
The trot against other currencies has emerged as a cryptocurrency in Venezuela. Dash Force News reports that out of 3,000 traders listed on the Krypto Mobile Corporations service, 1375 come from the South American nation. While the adoption of Bitcoin and Bitcoin cash continues to decline, in the case of Dash no decline was noted, suggesting that the currency has decanted the Venezuelan market.
DASH / USD Technical analysis
A pump is not new in the crypto-market. So, we should not be excited, at least for now. The DASH / USD pair reached a potential breakout / pullback point, coinciding with the Fibonacci retracement level of 61.8% of the last swing from 223.49-high to 156.60-low – to 197.94. Psychologically, we are looking at the pair to test 200 fiat as a potential resistance, finding a support level close to 190.04 fiat.
A long position at this time seems risky, but if there is a breakout scenario, DASH / USD could test 212-fiat as the next upside target. If someone out there is asking to go on for long, he should keep the stops around $ 4 below the entry point.
In the event of a withdrawal, which we believe is more likely, DASH / USD would first run towards its temporary support. If this is broken down, the pair may find a weak support towards the rising trend line represented in orange. The line also indicated a potential breakout level. So, if the price breaks below it, we could observe a free fall towards 170.67-fiat, also marking the completion of a potential head and shoulder model, with 170.67 as a neckline
Safe trade!
Close-up image of Shutterstock. TradingView Charts.
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