Dash crashing

With bitcoin continuing to look bullish not so with Dash. Heres a look at a Dash chart from the Cryptowatch website using data from the Poloniex exchange. https://cryptowat.ch/poloniex/dashbtc

Chart is showing all Dash vs Bitcoin data available with 1 week candles.

While bitcoin has remained mostly flat all year by contrast Dash has risen close to its all time high (in terms of ratio with bitcoin) and subsequently gone into a long decline. At the moment selling volume appears high and price is falling steeply. Could it be Dash is near capitulation ?

Although the technical picture looks quite grim with most uptrending lines now broken a falling wedge can be considered a bullish sign. Dash is looking oversold in relation to bollinger bands and RSI.

So what is going wrong with Dash? The fundamentals of this coin seem remarkably good. Dash claims to have solved several issues which are hindering bitcoin at the moment and which bitcoin may never resolve eg incentivised nodes (called masternodes) are keeping the network strong, a budgeting system to fund other developments as voted by the network. Built in coin mixing and ‘instant’ transactions are all very exciting features. The roadmap going forwards is even more ambitious.

Noteably the masternode network is continuing to grow which is a contrast with the fall in price. Currently dash has upwards of 3000 masternodes a number which appears to still be growing.

toknormal provides very interesting discussion of the economics of this in the forum here https://bitcointalk.org/index.php?topic=421615.msg12549331#msg12549331 which I highly recommend reading.

I can only really guess reasons for the current fall in price. Maybe rebranding from Darkcoin is causing a kind of hangover. Dash does not seem to feature prominently in many sites where it used to when it was darkcoin. Darkcoin charts were available on tradingview and bitcoinwisdom but both no longer have Dash. (I think this is because bitfinex dropped Dash). Is this a failure of PR perhaps ?

Dash is also tainted with accusations of instamine and the forum threads in bitcoin alt section are plauged by Monero fans endlessly accusing Dash of being a scam due to the instamine. In fact this trolling seems very organised. Without going into endless detail I will just say that in my opinion yes there was an instamine however this doesn’t put me off. In fact I don’t think there exists a ‘fair’ way to launch a coin but that is maybe a whole other topic. There have arguably been benefits from this instamine one of which is that the dev were able to work full time on the project instead of it being a just a hobby on the side. Anyway this can repeat endlessly and I will leave that there as my 2 cents.

In closing I guess I just want to put out a friendly note to say that although Dash looks down, the fundamentals are very promising, I wouldn’t write it off yet.

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