Today we’re going to take another look at Dash, a cryptocurrency that wants to provide a decentralized solution for payments. Dash used to be the hottest kid on the block, but now it’s kind of looking more like a dinosaur. Do you want to know why?
Dash has a lot of popularity over the past year, but their developers are planning a comeback. The result is a series of upgrades called Evolution, designed to make owning and spending crypto as easy as using Venmo. One of the key software upgrades is expected to take effect this week.
So what’s planned for Evolution? According to Dash Core Group, the changes will make Dash much more user-friendly, both for users and operators. For users, all transactions will become instant by default, meaning you won’t have to wait for transactions to be finalized. They’re also using Chainlocks to secure the blockchain, so hackers won’t be able to launch 51 percent attacks. Dash is also designing a new, user-friendly wallet, with human readable usernames that are recorded directly on the blockchain.
Now you might be saying: “this sounds a bit too good to be true.” well, it wouldn’t be the first time someone has said that. Dash has been promising Evolution for a long time, and they’ve missed their share of milestones. In fact, some of these upgrades were originally planned for last year.
Its price action tells kind of the same story as well.
DASH/BTC Price Action Analysis
If you look at the DASH/BTC daily chart, it kind of looks like an old dude trying to get up without any success. The Ichimoku cloud is dead flat, and even though the pair broke above it for the first time in 5 months last week, the momentum just doesn’t appear to be there to keep the prices rising. The hard support is at 0.017 and we may not see the price reaching the pivot level of 0.027 any time soon unless the DASH team gets their stuff together.
Now here’s a disclaimer, I personally own some DASH along with other cryptocurrencies but you should only invest the money you can afford to lose in the crypto market. For more on risk-management, please visit investdiva.com.
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Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.