Dash is moving up and forming higher lows in a steep ascending trend line visible on the 1-hour time frame. Price has reached the full extension on its latest rally, so another pullback to support might be in the works.
The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. The gap between the moving averages is widening to signal that bullish momentum is getting stronger.
RSI is pointing up to signal that there’s some bullish pressure left, but the oscillator is near the overbought zone to reflect exhaustion. This suggests that current resistance levels might hold and that Dash could need a pullback before sustaining the strong rally. Similarly stochastic is hovering around the overbought zone to indicate that buyers need a break and that sellers might take over.
News that Dash is venturing into new areas of business appears to have driven most of the gains. A few days back, the company held a livestream on YouTube wherein Dash Core CEO Ryan Taylor shared they made “significant progress” towards creating Dash Ventures.
This would allow the company to have a legal structure in place where members of the DASH ecosystem could monetarily benefit from Dash Ventures without sharing personal information. Taylor explained:
Our solution was to avoid any distributions altogether. Instead we will direct the Foundation to buy DASH on the open market and destroy it to facilitate value transfer to all DASH holders equally. This will reduce the circulating supply and boost the price of DASH in a manner similar to a stock buyback.
Dash is also said to have submitted an application to be listed on Coinbase.
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