How to Trade the Dash Cryptocurrency

Good afternoon, ladies and gentlemen crypto traders!

The Dash project initially became known under the name XCoin, but almost immediately it was renamed to Darkcoin. The name Dash (DSH) took hold only a year after launch. Dash is among the 10 most promising cryptocurrencies, and like many other altcoins supports the idea of anonymity, security, and high transaction speed. The Dash cryptocurrency in our review today: technical analysis
specifics, strategies, and key secrets of trading this instrument.

The altcoin's developer, Evan Duffield, placed the main emphasis 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 anonymity is provided by a built-in transaction mixer. This function is called Darksend and is connected separately. At the same time, you can specify the number of rounds and coins for mixing. This significantly complicates the reverse engineering process of the transaction source, and together with hiding the sender's real IP address creates a fairly strong level of anonymity.

Another pleasant feature of the currency is the InstantX technology, which allows instant transactions. In the case of InstantX, transaction confirmation occurs through 10 random intermediaries called masternodes. Thus, the waiting time for processing a transaction is reduced to a matter of seconds.

Immediately after the launch of the currency, a serious problem was discovered that led to instant mining. The error was fixed two days later. By that time, about 30% of the total cryptocurrency supply had already been mined. In general, as in the case of Bitcoin, mining difficulty grows exponentially. At the moment, more than 7 million coins out of 18 have been mined.

Dash trading is available from the AMarkets and Forex Club terminals. At AMarkets, the standard contract size is 10 currency units, and the minimum lot is 0.1. The DSHUSD currency pair is traded with leverage of 1:5, so for a 0.1 lot position about $120 margin will be required.

Forex Club offers Dash trading with a standard contract of 1 currency unit and a minimum lot of 0.1. The leverage is 1 to 10. This means that for a 0.1 lot position about $6 margin will be required.

You can also take the Dash quotes chart from the TradingView website, ticker DASHUSD (besides that, the Dash crypto chart can also be found on our site in the online charts section). The service displays quotes from all major venues where Dash is traded. The chart shows an example of quotes from the Poloniex exchange. Overall, Dash's popularity is steadily growing. Thus, in November 2017 Dash was added to the Chinese cryptocurrency exchange OKEx.

Dash's global trend is strictly upward. Over the last year, the rate has grown more than 50 times and is now in fifth place by market capitalization. At the same time, Dash's market value 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 point in going lower, as high volatility makes the pair poorly suited for analysis with technical indicators and Price Action methods.

Round price levels perform well. Pay attention to levels divisible by 50: the price tests them constantly, which is noticeable from the characteristic long candle shadows near horizontal lines.

Various narrowing formations of different duration and complexity periodically form on the DSHUSD chart. For example, the “Narrowing triangle” pattern trades well on a breakout, but for entry it is better to use additional confirmation, for example, a breakout of a round level.

Fibonacci levels work well. The price almost always bounces off the 61.8% level. This makes it possible to predict the moment of correction completion more accurately in order to enter the market at a favorable price.

The Fibonacci grid can be applied at every wave level, and at the same time you will get the same and quite expected result.

The fundamental factor is of enormous importance in the movement of Dash quotes. For example, news about expanding the infrastructure for accepting payments at offline points, specifically establishing a partnership with the BlockPay payment service, had an extremely positive effect on the Dash rate.

The excitement around the altcoin itself provokes growth in trading turnover and trading activity. At the moment, the main turnover in the cryptocurrency falls on the Poloniex exchange. It can be said that the recent growth of the currency is tied to two main factors: positive news and the subsequent reaction of traders.

The project team also fuels the exponentially growing interest in the currency. Thus, advertising for the cryptocurrency has already been spotted on an aircraft of one American airline, which is still rare for projects of this kind; usually they limit themselves to advertising on the internet. Perhaps in this way the developers are trying to win the loyalty of an audience that until now has not owned any crypto wallets.

The Dash cryptocurrency is a promising and actively developing project whose capitalization is among the five largest in the world. The ideas underlying Dash are definitely not new, but they meet all the trends and wishes of the crypto community. At the same time, Dash is of interest as a trading instrument, since it allows working with classic and already proven tactics, without the need to create something radically different.

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Respectfully, Alexey Vergunov TradeLikeaPro.ru