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Dash blockchain enables online payments for over 10,000 digital merchants and retailers.
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DASH has fallen by 2.25% in 24 hours, increasing weakness at a support.
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Price could proceed to $19 if it fails recovery at $40.
DASH, the crypto token of blockchain platform Dash, is down 2.25% in the last 24 hours. The cryptocurrency has fallen by almost 75% this year. DASH still has more room to fall as most cryptocurrencies edge lower.
Initially developed as a privacy-preserving blockchain, Dash evolved to streamline online commerce. The project’s code was copied from Litecoin. The protocol was meant to allow efficient and less costly payments than Bitcoin. The blockchain boosts 1-second transaction speeds. Currently, Dash is a payment partner for at least 10,000 online merchants. On its website, Dash mentions more than $4.48 billion payments volume in Q4 2021.
The growth of DeFi and digital transactions is a plus for DASH. However, DASH investors may have to put up with a bear market. This analysis finds that DASH could find the next support at $19.
DASH weakens further at the $40 support
Source – TradingView
DASH is deeply in the bear zone, as the MACD indicators show. The cryptocurrency is yet to cross above the 21-day moving average since November 2021. The current $40 price level is a support zone, but DASH is showing signs of breaking below. If the $40 fails to hold, DASH could settle at $19. The level coincides with the price it was back in 2017 before the bull run. Investors should consider buying lower after further declines in the token.
Summary
DASH holds onto the $40 support. However, bearish momentum is on, and the cryptocurrency could break below. The price of DASH could settle next at $19, a 5-year low. Investors should wait to buy at lower prices.