Summary:

  • Dash (DSHUSD on xStation5) surged above $550 as the program based on the cryptocurrency could be used in order to solve a Zimbabwean crisis
  • Dash has more than doubled its value so far this month. Where to find another targets?
  • Singaporean central bank steps up its efforts to establish a single legislation which could bring retail payment services

Dash has drawn the most attention thus far this week as it’s surged much above $550 recently. It’s worth underlining that the price has more than doubled its value this month climbing from around $250 to the peak registered a touch below $570 on Wednesday. The main reason could be a plan aimed at solving an internal crisis taking place in Zimbabwe. According to the latest revelations Dash will launch an ambitious joint venture with KuvaCash, a Dash-record undertaking worth $550K, a program designed to solve Zimbabwe’s ballooning inflation, collapsing currency, and declining national economy. It aims to provide Zimbabwe with its first-ever peer-to-peer localized cryptocurrency payment service for anyone with a phone-number-based messaging system.

Keep in mind that ordinary people wanting to access their money face tremendous fees on transactions. Given that the central bank seems to run out of options to tackle the economic drama a solution proposed by Dash could make sense. Dash CEO Ryan Taylor said that “I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits”. KuvaCash, set to launch in the second quarter of 2018, is to introduce a cash replenishment model to recover confidence in residents allowing them to cash out their digital currency into US dollars at any time they want, vastly reducing transaction fees and providing enhanced financial security and liquidity.

link do file download linkDash soared in the morning trading after the revelations related to Zimbabwe. Source: xStation5

Technically Dash has already breached a resistance at $555 being supported by a 123.6% retracement, however it’s withdrawn slightly since then. The closest support zone could be found at an upper limit of an ascending channel and a touch below $500. On the flip side subsequent objectives for buyers could be localized at $590 and $620 respectively, both are set via Fibonacci levels.

Moving to Bitcoin (BTCUSD) it’s worth mentioning the story from Singapore where the local central bank has stepped up its efforts concerning regulations that will bring a handful of retail payment services including Bitcoin and other cryptocurrency exchanges – everything is to be regulated under a single legislation. Those changes are aimed at increasing oversight on money laundering and terrorism financing risks as well as ensuring safeguards for consumers’ funds, according to the Singaporean central bank’s statement.

link do file download linkMeanwhile Bitcoin has managed to stay within an upward channel, hence a continuation of the ongoing rise could be in the offing. Bulls on this market could eye $8600 as their another point to tick. Notice that $8000 seems to be one of the most important supports as for now, hence once it’s broken it could enable sellers to take control at least in the short term. Source: xStation5