DASH, being one of the older coins that I have analyzed (and currently being compared to Bitcoin rather than USD), has a much more stable price gain than others. After the initial pump in price, the coin started to travel in a very stable sideways market. This coin seems to be trading between a support and resistance level that essentially have been creating a long-term channel. Currently, the price is in a declining wedge whose lows have been tested very briefly. This is shown in the fact that the touches of the bottom side of the wedge have been by very long bearish wicks, that end up closing above the EMA(200). Using this, it can be determined that the price is trying to break this EMA (which would result in a switch to a bear market), but has not been able to close a single candlestick under this level. The long wicks are important though, because the price is reaching new relative lows to create this pattern. Although, the price is also consolidating into what looks like a symmetrical triangle if the wicks of the candlesticks are not being considered, pretty much using the EMA as the bottom side of the triangle. If the price does test the bottom of this wedge and attempts to break the EMA once again, the price is expected to reach the low of 0.05445, this price is around a significant point for a reversal in the past. The determination of whether the price will break above the triangle or below the EMA(200) lies in where the next few candlesticks close.
Important Resistance Levels: 0.09174, 0.07683
Important Support Levels: 0.06214, 0.05356
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 0.09174, 0.07683
Important Support Levels: 0.06214, 0.05356
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst