Dash Outperforms Bitcoin as Crypto Markets Seek Recovery

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Dash Outperforms Bitcoin as Crypto Markets Seek Recovery

We saw a bit of a relief across the board in the market on Wednesday, with Dash coin (DASH) becoming one of the top gainers in top 20. Its value against the USD surged over 8% after Monday and Tuesday’s selloff. Versus Bitcoin, Dash started gaining a bullish momentum earlier, on Tuesday. The two-day rally has added up to an over 10% gain.

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DASH/BTC Analysis

The fact that DASH/BTC is gaining at a faster pace than DASH/USD shows Bitcoin has had a slower recovery. Meanwhile, Dash has been dashing up. The DASH/BTC pair reached the lower band of the daily Ichimoku cloud by early Thursday trading during the Asian session.

DASH/BTC Daily Chart - Ichimoku-based technical analysis
DASH/BTC Daily Chart – Ichimoku-based technical analysis

However, it may still be too soon to celebrate. That’s partly because the future Ichimoku cloud remains bearish. Also, DASH/BTC needs to pierce through the cloud and break above it before we can confirm the crypto has bottomed out. Furthermore, even before the most recent cryptocurrency selloff started last week, DASH/BTC was consolidating below the 23% Fibonacci retracement level of 0.030. Keep in mind that for Dash coin value to continue in an uptrend, Bitcoin needs to continue getting weaker against the DASH token.

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Dash Fundamentals

Ranked number 11 based on market capitalization, Dash is dubbed for digital cash you can use to make instant, private payments. You can use Dash coin on different categories of merchants like VPN providers, web hosting services, business services, games, online casinos, and web stores alike. On the fundamentals side, on November 16th, a Dash group researcher discussed the scalability of Dash InstantSend on Reddit, claiming that the network can process more instant send transactions than will fit into blocks” and therefore doesn’t need a stress test as of now.  Let me know in the comments, subscribe, and tune in again for more updates tomorrow. 

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