The cryptocurrency market slumped on Thursday, with its total value dropping below the $200 billion mark for the first time since September 20 and only the third time this year. Bitcoin [BTC] was the bearish anchor for this fall, declining below its major support level of $6,400. This sent other major altcoins spiraling, with the market shaving off $22 billion in 24 hours. Dash [DASH] was steadily hovering between $180 and $200 for the better part of a month. Thursday’s market meltdown dragged the coin to its lowest price since late August.
The key resistance level for the token was noted at $184.2, which the crypto may not be able to break out from. The key support level was initially placed at $178. Due to coin’s sharp decline, a new level began forming at $165.15, which the altcoin passed at 0630 UTC on Thursday. The MACD indicates that the digital asset is in a bearish market, whereas the 100 EMA line points to a severe downtrend.
The hourly RSI indicator stands at 17.56, which suggests that investors are offloading the crypto in large numbers, rendering it oversold. The significant trading range exhibited by the virtual currency is $146.55-$158.17. At press time, the token had dropped 9.7% against the U.S. dollar and was valued at $153.46.
The digital currency has fallen by 8.8% against the declining Bitcoin [BTC]. One DASH is currently valued at 0.0246 BTC.
The coin’s market capitalization has fallen to its lowest point in over a month and is currently holding above the $1 billion mark, with the looming threat of slipping further. At the start of trading on Thursday, the crypto’s market cap stood at $1.50 billion and had plunged 14.8% to $1.29 billion at press time.
Dash [DASH] Price Prediction 2018, 2020
• According to Smartereum, the coin is expected to trade at around $1,600 this year while the five-year forecast is set at $5,200.
• Tradingbeasts has predicted that the crypto will reach $395.05 at the beginning of December this year, before ending the month at $404.27. The digital asset will likely trade in the range of $529.80-$779.12 by the end of 2020.
• According to Longforecast, the virtual currency is expected to close the year at around $97. Prices are expected to reach around $184 in 2020 while Investinghaven forecasts the prices to hit $1,500 by the end of the year.
Dash [DASH] Latest Updates
• Even as ongoing hyperinflation cripples Venezuela, telecom firm DashText announced that its public beta was now running. The company enables users to access DASH for transactions via text messages.
• The company recently announced that it was partnering with India-based cryptocurrency exchange Bitbns.
• Cointext, a cryptocurrency exchange, has enabled trading for Dash. The service enables its customers to send money to anybody with a mobile phone number or a cryptocurrency address.