Dash is Litecoin’s forked version, which is a forked version of Bitcoin. It is a cryptocurrency very similar to Bitcoin. The name Dash came from two words, ‘Digital’ and ‘Cash.’
The developers wanted some changes in the protocol of Litecoin, but they did not receive enough votes for the changes; that is why they created a fork version, DASH. It is intended to be a better version of Litecoin and Bitcoin.
It is an open-source platform where anyone can update and change the protocol if most nodes agree with the proposal. It is governed by the Decentralized Autonomous Organization (DAO). This protocol aims to enhance privacy and make private transactions possible with cryptocurrencies.
Many people will doubt the future of Dash, and they may expect a downtrend, but you can read this price analysis to learn more about its short-term and long-term trends.
On the daily chart, DASH has been consolidating between $50 and $40. Currently, it is trading at $48.87, which is in the upper range of the Bollinger Bands, suggesting bullishness. The $50 will work as a strong resistance level at this time, so the coin may fall further down to the level of $40 again.
In the last 24 hours, the price has been up by 5%, and most technical indicators are bullish. Is it the ideal time of investment for the short term?
RSI and MACD are bullish, but we do not think it is the ideal time for investment because $50 is the resistance level, and the DASH must cross this level for short-term gain. Otherwise, there is more possibility of a downtrend rather than an uptrend in the short term.
However, most experts predict a bullish rally at least to the level of $100 that makes your money double, but do not treat this information as a recommendation.
Though most technical indicators are bearish, we are bullish on the DASH. The long-term chart has been forming lower highs and lower lows, which is a bearish trend. However, now Dash is consolidating, and it may consolidate for a few more months; afterward, we expect a bullish rally.
If you can invest for at least a few years, DASH will provide a better return than fixed deposits and bonds. However, it is a risky investment, so you should consult with your financial advisor and check all the fundamentals before investing.