The Dash project originally became known as XCoin, but almost immediately it was renamed Darkcoin. The name Dash (DSH) took hold only a year after its launch. Dash is one of the 10 most promising cryptocurrencies, and like many other altcoins, it supports the idea of anonymity, security, and high transaction speed. Dash cryptocurrency in our today’s review: features of technical analysis, strategies, and essential secrets of trading with this tool.
Dash is an alternative cryptocurrency
Altcoin developer Evan Duffield has focused on achieving transaction anonymity and overall network security. To achieve this goal, 11 cryptographic algorithms were introduced into the protocol, which resulted in the characteristic name – the X11 algorithm.
Dash’s anonymity is provided by a built-in transaction mixer. This feature is called Darksend and is connected separately. In this case, you can specify the number of rounds and coins to mix. It greatly complicates the process of reverse-engineering the source of the transaction and in conjunction with hiding the real IP address of the sender, a reasonably stable level of anonymity is created.
Another nice feature of the currency is the InstantX technology, which allows instant transactions. In the case of InstantX, the confirmation of the transaction occurs through 10 random intermediaries called master nodes. Thus, the expecting time for the transaction is decreased to a few seconds.
Immediately after the launch of the currency, a severe problem was discovered, leading to instant mining. The error was corrected two days later. By this time, about 30% of the total amount of cryptocurrency had already been mined. In general, as is the case with Bitcoin, the difficulty of mining (extracting currency) is growing exponentially. At the moment, more than 7 million of 18 coins have been mined.
Where to get the Dash chart
Dash trading is available from AMarkets and Forex Club terminals. In AMarkets, the size of a standard contract is 10 units of currency, and the minimum lot is 0.1. The DSH USD currency pair is traded with a leverage of 1: 5, so a position with a volume of 0.1 lots will require about $ 120 of collateral.
Forex Club offers Dash trading with a standard contract for 1 unit of currency and a minimum lot of 0.1. The leverage is 1 to 10. This means that a 0.1 lot position requires about $ 6 of collateral.
Also, the Dash price chart can be found on the TradingView website, the ticker is DASH USD (in addition, the Dash crypto chart can be found on our website in the online charts section). The service displays quotes from all major platforms where Dash is traded. The chart shows an example of quotes from the Poloniex exchange. In general, its reputation of Dash is firmly advancing. So, in November 2017, Dash was added to the Chinese cryptocurrency exchange OKEx.
Trading strategies
The global Dash trend is strictly upward. Over the past year, the rate has grown more than 50 times and is now on the fifth line in terms of capitalization. At the same time, the market value of Dash now significantly exceeds its closest competitors – Monero and ZCash, which are based on a similar operating algorithm.
For trading, the daily timeframe is best suited. There is little to go below the point – high volatility makes the pair not very suitable for analysis by technical indicators and Price Action methods.
Round price levels show themselves well. Pay attention to the levels that are multiples of 50 – their price is constantly being tested, which is noticeable by the characteristic long shadows of the candles near the horizontal lines.
Periodically, various narrowing formations of varying duration and complexity are formed on the DSH USD chart. For example, the “Shrinking Triangle” pattern trades well on a breakout, but it is better to use additional confirmation for entry, for example, a breakout of around level.
Fibonacci levels work well. The price almost always bounces off the 61.8% level. It allows you to more accurately predict the moment of completion of the correction to enter the market at a profitable price. A fundamental factor is of great importance in the movement of Dash quotes. For example, the news about the expansion of the infrastructure for accepting payments in offline points, and specifically, the establishment of partnerships with the payment service BlockPay, had an extremely positive impact on the Dash course.
By itself, the excitement around the altcoin provokes an increase in trade turnover and an increase in trading activity. At the moment, the foremost turnover for cryptocurrency falls on the Poloniex exchange. We can say that the recent rise in the currency is due to two main factors: positive news and the subsequent reaction of traders.
The project team is also spurring exponentially growing interest in the currency. So, advertising of cryptocurrency has already been seen on the plane of one American airline, which is still a rarity for projects of this kind – they are usually limited to advertising on the Internet. Perhaps, in this way, the developers are trying to win the loyalty of the audience, who hitherto do not own any crypto wallets.
