DASH (DASH/USD) Analysis September 19 , 2017
DASH had a strong session during the day on Monday, as we continue to see volatility pick up after the Chinese of crackdown on Bitcoin. Unfortunately, DASH and many other crypto currencies have been “thrown under the bus” as the Chinese are cracking down on Bitcoin.
Because of this, I think that we will continue to see volatility in the crypto currency space, but in this market, it appears that the $300 level should offer a significant amount of support.
Because of this, I am a willing buyer of dips, as it represents value in a market that should continue to favor bullish pressure. I think that if the market would break down below the $280 level, things could change, but in the short term it appears that the buyers are very much in control.
My longer-term target
My longer-term target is the $400 level, but it’s going to take some time to get there. Once we do, I would anticipate a significant amount of resistance, but in the meantime, it makes an attractive target for the marketplace that has been so bullish for so long.
I think if we do break down below the $280 level, the market will probably try to “reset” closer to the $230 level. I think that as crypto currencies rise, DASH will of course follow as they tend to move as one over the longer term.
Unfortunately, there is the possibility of more Chinese action against Bitcoin, and that could cause several pullbacks. Those pullbacks should be value propositions though, and I think most of the market is probably looking at them as such.
Eventually, I believe that we also break above the $400 level as we have seen so much buying over the last several months. These pullbacks offer opportunity for longer-term investors.