DASH-BTC Jumps Above 0.0200, Continues Bullish Streak
Dash’s appreciation jumped sharply today as the positive announcement of Dash N Go could propel the cryptocurrency’s adoption. Dash N Go recently went live, which is a retail app which allows users to scan retail items directly from a mobile device and pay for it. Dash N Go is just starting out with soda vending machines, but will develop over time to include any item with a barcode. Could Dash experience further interest as consumers increasingly look to their mobiles devices to make payments?
We recently covered Jaxx’s integration of Dash into their blockchain wallets and argued this would intensify the bullish trend in Dash. After reaching our previous target of 0.0195, Dash-BTC has now moved above 0.0200 and now looks to move even higher.
After breaking above the $10.00 psychological handle, Dash has so far established a fresh high at $13.00 on the Poloniex exchange. What is the outlook now for the cryptocurrency? The chart below shows the daily price action for DASH-BTC on the Poloniex exchange. The most notable thing about the chart below is the sharp jump in volume for DASH-BTC.
This indicates we are seeing increased interest in an upward move. Moreover, the steep, upward angles of the conversion (blue), base (red) lines and the Ichimoku cloud suggests very strong bullish momentum is in play. After breaking above the psychological 0.0200 level against bitcoin, Dash should see further gains.
The market now looks to establish a daily close above the previous high and fractal resistance at 0.01933, which will give a strong bullish signal. After breaking this resistance level, moves to the upside are not very limited by further resistances with the next important fractal resistance at 0.02500 (last year’s high).
The Awesome Oscillator is also providing a bullish signal and signalling upward momentum will dominate over the long term. Yesterday’s bar was red whereas it has switched back to green today suggesting a recent switch in momentum. Moreover, today’s bar is higher suggesting bullish momentum will continue in the days ahead.
Looking at DASH-USD on the Poloniex exchange, the weekly price action shows that the only resistance standing in the way of the bullish upsurge is the all-time high at $19.00. Last week saw the second highest volume of buy positions in DASH-USD which suggest that DASH-USD will tend towards this resistance at $19.00. The Awesome Oscillator is also indicated stronger upward momentum this week and higher volume this week will strengthen the case for a move toward $19.00.
We will look for a daily close above 0.01933 today and set our target at 0.02500 for DASH-BTC for the medium term.