Dash (DASH) Gains Intraday Momentum and Trades Above $70
Dash has now seen an extension in its use case and has been added as a payment option by Piiddo (mobile application), which is a Western Venezuela based delivery service to the second city from June 2020. The use case of Dash now includes that the customers in particularly western Venezuela, can order food, groceries, clothing, electronics, etc. and pay in Dash.
The application is connected to a wide variety of businesses to benefit customers with a one-click solution to everything which is now extended to serve the people of Barquisimeto starting from the ongoing month.
Piiddo is the only mobile application in this particular geographical region that accepts and supports payments in crypto or the digital asset.
Dash, along with many altcoins like IOTA, TRON, Zcash, etc. had been experiencing a gainful intraday trading session yesterday wherein it managed to rise above $70 price area and currently trades at $71.82.
DASH Price Analysis
The intraday has been quite enticing for Dash that is one of the top-ranked cryptos of the market, placed at 25th position at the press time. DASH coin on the 2-hourly chart has gained over 5% from trading around $68.5 to currently trading right above $70. With an increased amount of momentum, DASH/USD is hitting above 20-day upper Bollinger Band with a bullish candlestick and retains complete support from MA50 and MA200. It was just in the previous week when the currency reclaimed a 20-day height at $75 but is facing a strict rejection above $75 in the past four weeks now.
However, the technicals are bullish than ever due to intraday positive sentiments, and the MACD is seen crossing above the signal line on the above 2-hourly chart. Similarly, the RSI is inclined towards the overbought region at 65.58 due to escalating demand led by intraday traction.
On the contrary, if we analyze the 4-hourly chart, the DASH/USD price trend is drawing a lower high pattern right after the previous month’s high and has been facing a strong rejection thereafter. And within the given 8-week duration, the Dash price has retested supports below $66 but has not nosedived below $65 from the past two months.
When emphasized on the YTD movement of the DASH, we see that the coin is holding a flat price trend and holds support from a 50-day moving average only. The currency has lost 200-day MA and EMA support after having slid below $80 and $75 gradually. The Bollinger Bands are seen squeezing, which projects a breakout soon while the bands are seen widening in the shorter timeframe leading to volatility in the short-term.
The MACD, which was holding a bullish crossover otherwise, is appearing flat on the 24-hourly chart, and the RSI holds no extremities at 53.73. The major support and resistance to watch out for lies at $65 and $75, respectively.