DASH price was relatively range-bound during the session on Monday, as we continue to see this market underperform. In general, this market tends to play “catch up” with other crypto currencies after they explode. I have noticed recently that this market tends to react after the fact. In other words, if Bitcoin starts to rally extensively, it will do so later.
In a sense, this is a good market to play if you don’t have the ability to react instantly to changes in the crypto currency markets. I think that this market will continue to be one that is bullish, but I don’t think it will perform as well as other currencies at times.
$335 is the key
If the market was to break above the $335 level, then I think that DASH could continue to go much higher. At that point, I think that $355 level would come into focus, and then eventually $375. However, this market does tend to be very choppy, so don’t let that dissuade you. Typically, this is a market that is thought of more as an investment than some type of short-term “smash and grab” type of trade.
I believe that there is a “floor” underneath at the $300 level, and if we break down below that level, I would become concerned. In the short term, I do think that we go higher, but I also recognize that there are other currencies that tend to move quicker, and it comes down to your comfort level. If you do not like holding onto a trade for an extended length of time, this won’t be the market for you. However, if you like to hold on to your positions, DASH might be where you need to be looking. Small incremental positions will probably be the best way to go.