Measured against USDT (which is a proxy for US$ on the Poloniex exchange), on a 1 day chart we can see the explosive rise of Dash, which particularly in March this year, outperformed almost every other crypto including bitcoin as it spiked above $100 for the first time. Since then Dash has climbed even higher against the US dollar and currently sits not too far below its all time high of approximately $150 at about $130 for 1 Dash.
I’ve added a bullish channel to the chart which encompasses those explosive gains when Dash took off earlier this year.
The following 4 hour chart shows a closer view.
Within this channel, only recently, the price has gone from its all time high at the top around $150 spiking all the way down to the bottom below $80, only to recover to the level it is at now. Believe it or not Dash is quite stable compared to most other crypto currencies! Trading these things are not for the faint of heart.
From the bullish perspective it is nice to see the strong rebound from that dip back into the top half of the channel, and in general how bullish the current trend against the dollar is.
From bearish perspective there appears to be a negative divergence between RSI indicator and the two major price peaks, seen best on the top 1 day chart. This can indicate price may fall.
I’d be looking for support first around the middle of the channel, currently at approx $120. In this fickle market it is hard to make predictions in the short term but long term the fundamentals for Dash are very compelling.
Of course many other coins have also had explosive gains, bitcoin and etherium being others.
Despite losing market share to other crypto currencies, bitcoin has still made huge gains against the US$, almost reaching $3000 on its last spike which finally ended at about $2750 on Bitstamp.
I find the bitcoin chart gives an interesting view on a log price scale. Seen here on a 1 day chart.
Despite high fees, slow transaction times and still no clear path how to scale bitcoin has moved relentlessly upwards in price and even after large falls from its last peak is still above the bullish log channel marked here. Its function as a safe haven from countries undergoing economic strife and capital controls and adoption in Japan seen as big driving forces behind this.
In the crypto space in general there is a strong hint of a bubble. This opens questions such as: How far is there to go? Was that the top? Obviously its hard to tell, I suspect there is a way to go but this is only based on my hunch.
Etherium versus the US$ sees eth over 200$. Programmable blockchain seemingly all the rage. The steeply rising price of eth has taken etherium above half the market cap of bitcoin. But Is this a bubble? Where do you even draw trendlines on a chart like that?
In closing all appear to be going up. Dash appears one of the most stable. But with a hint of bubble in crypto in general trade with caution.