Dash is a blockchain and cryptocurrency that proposes a swift and affordable global payment network that is delegated. Dash’s white paper expresses that Dash wants to enhance Bitcoin (BTC) by offering better privacy and faster transactions.
Dash utilizes a two-tier network to make its transactions secure. The first tier has nodes that do mining operations under a proof-of-work consensus protocol.
This implying that they attempt to solve hard cryptographic issues and more than half of the nodes must agree on a transaction for it to be added to the blockchain.
The PoW algorithm that Dash avails is called “X11”, this is known as a custom hashing algorithm made by Dash founder Duffield that uses a series of 11 hashing algorithms.
Per the official documentation, it is “one of the safest and more advanced cryptographic hashes in use by modern cryptocurrencies.”
The second tier has master nodes that work on a proof-of-service consensus algorithm in which master nodes are ranked centered on their history of providing good services to the network.
Masternodes watch over the network and possess the power to reject new blocks added by nodes if they were approved wrongly.
They also enable Dash’s ChainLocks feature, which makes security better because every 12 hours, a rotating group of master nodes checks and confirms all new blocks added to the blockchain.
Dash’s developers have said that this secures the network against 51% of attacks.
Dash Crypto Price Display Bearish Characteristics Over The 1-D Chart
The DASH asset is displaying more bearish characteristics and can reduce its price more. Furthermore, it has shown bad performance in the past month by 8.04% and has been indicating a consistent downward trend from last year by 40.45%.
The DASH crypto price action is below the major supply region and has been deprived. Since the DASH crypto has shown a sign of weakness as the price retreated from a critical level of around $40 on the chart, it is believed that the crypto price might decline further and on the daily chart.
The DASH crypto seems like is geared for an upcoming fall, as it faces failure to pierce through the major resistance level and shoots downward by making lower lows on the daily. Furthermore, it has gotten into the sight that the DASH asset is demonstrating bearish weakness and downward momentum as the price sank below major 20, and 50-Day EMAs.
Moreover, the DASH asset is displaying a loss of strength as MACD shows low momentum with the lines below zero lines and the RSI is below 50, signifying that the asset is still in a bearish zone and can drop further down.
The 24-hour volume is 45.754 Million, but the price faces an intraday loss of 0.64%, wheras CMP is at $29.29.
Therefore, as per the price structure, the major trend is bearish and the higher possibility for the price is to decline downward. Therefore, if the price slips current level, then the major support could be $25.
However, if it sustains to survive above the current level and surges with momentum, the next possible resistance could be $35.
Summary
DASH is showing signs of bearishness and weakness as the price falls below key moving averages. The MACD and RSI indicators confirm the lack of momentum and the bearish pressure. DASH could continue to decline as per the price action on the daily chart.
Technical Levels
Support Levels: $25
Resistance Levels: $35
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Source: https://www.thecoinrepublic.com/2024/01/17/dash-crypto-can-dash-price-turn-around-or-decline-below/