November 30, 2018 20:55 by Jamie Holmes
Spil the price of bitcoin moves into five-figure territory, Dash is pacing to fresh highs against the US dollar and nearing $1000. DASH-USD succesnummer an all-time high of $815 on the Losbreken exchange on November 29, displaying gains at a time when bitcoin suffered gigantic volatility and closed te the crimson. The altcoin also kasstuk a fresh mileston, the largest everzwijn monthly build up, with DASH-USD appreciating more than $500 overheen November.
$500 ter One Month
Dash’s price has kasstuk fresh highs above $800, marking November 2018 spil the best perfoming month ter the altcoin’s history. Embarking the month off below $300, the altcoin is now trading near $770. The chart below shows the daily price act for DASH-USD on the Openleggen exchange. With the price presently hovering just under $780, it is not a far spread to $1000.
A $500 Build up for November
If the altcoin thrusts into four figures, it will join bitcoin specie spil the only other cryptocurrency te this category. Overheen the course of 2018, the positive correlation inbetween the daily comes back of bitcoin and dash have become stronger, spil shown below. Nevertheless, the verbinding remains feeble, just above 0.30.
The Network Value to Transaction (NVT) ratio has bot falling overheen the past few weeks, suggesting that Dash is becoming more cheaply valued vanaf unit of on-chain transaction volume. The measure has bot waterput forward spil an analagous spectacle measure spil the P/E ratio for company stocks. With the NVT falling, this suggests dash has slew of slagroom for further gains before coming ‘overvalued.’ Notice that the rising trend for the NVT during August to October 2018 corresponds with the falling price of dash, after experiencing a rally, overheen the same period.
There is some speculation that Dash may be the next cryptocurrency to be added to Coinbase, with the altcoin displaying a similar rally prior to Openbreken listing the coin ter April 2018, DASH-USD rose from around $33 to a high of $137 during March 2018. Another possible reason for the surge ter rente is the enlargened exposure of cryptocurrency to the general public ter latest weeks, for example, Max Keiser promoted Dash spil ‘digital metselspecie’ complementing bitcoin spil gold Two.0 during a televised debate on RT with economist Steve Keen.
If #Bitcoin is Gold Two.0 then #Dash is Digital Specie @Dashpay is store of value &, medium of exchange
Instant transactions &, lil’ fees is the key to demolishing the central banking death-star printing press.
DASH-USD Price Analysis
The 4-hour price act for DASH-USD shows that the green Ichimoku cloud is thinning and might switch color to crimson, which will give the very first indication of an imminent downward trend. The green cloud provides a support zone around $535 to $607 for December Two. Another significant support is indicated by the conversion (blue) and base (crimson) lines, which both lie at $707.50 at the time of writing. Moreover, the Awesome Oscillator looks to have peaked, suggesting bulls will begin to lose control of momentum ter the next 4-hour trading sessions.
DASH-USD: Short-term equilibrium: $707.50, Long-term equilibrium: $534.84 to $606.23
The daily chart below shows the price activity of DASH-BTC on the Poloniex exchange, which accounts for just under Ten procent of the entire DASH market, behind Bithumb’s DASH-KRW pair and Bitfinex’s DASH-USD pair.
On November 30, the price closed at its highest level since November 12, at 0.07568971, and regained the 50 procent treat at 0.06927324, providing a bullish signal. Notice that the 50 procent level of the large green candlestick formed on November 12, at 0.06927324, originally provided support. However, the market broke below this level on November 13 and provided resistance during the following two weeks.
The pauze of the resistance at 0.06927324 now means that this level turns into support again. The next resistance is found at November’s high, which is also a fractal sell level, at 0.087883600, indicated on the chart below. Also, November 30’s close wasgoed higher than the most latest fractal resistance at 0.07499, suggesting bullish momentum will start to intensify ter the days ahead.
DASH versus Bitcoin: Yet to Test the All-time High
The DASH-BTC market looks to be gearing up for further highs. Wij see from the chart that the volume on the Poloniex exchange is also enlargening overheen the past week or so, suggesting more investors are becoming interested ter buying DASH-BTC. Moreover, the Awesome Oscillator has turned green on December 1, setting up a potential bullish saucer signal te the days ahead, which will give further confirmation of an upward budge.
The Market Facilitation Index (MFI) is pink for the price activity for November 29 and 30, suggesting the market is getting ready to make a big stir. A pink MFI indicates that the market is squatting before making a big leap with the buyers and sellers are evenly matched, a breakout is imminent.
Looking at the chart below, since there is more bullish bias with the current market structure and wij have witnessed a pink squat, wij look for DASH-BTC to test the latest high near 0.087, with a breakout of this level opening up an attempt at the Fibonacci extension level at 0.12078412. On the other mitt, supports lie at 0.07531965 and 0.06754703.
DASH-BTC: Fibonacci Supports and Resistances
Looking at the longer-term price act, the weekly chart below illustrates the massive gains made by DASH against bitcoin overheen the course of 2018. Te January, DASH-BTC traded around 0.015 before a bullish fever took hold of the entire altcoin market and helped to thrust the crypto-pair to fresh highs at 0.12415680 ter March 2018. While the price of dash te dollar terms is wasgoed at all-time highs on November 29, the price ter terms of bitcoin is still fairly a way away from its all-time high from March 2018.