Dash (DASH), a crypto-based payment solution, has won more than 70% in the last 10 days and has achieved its place as the best performing cryptocurrency among the 30 largest currencies according to market capitalization.
Fundamental analysis: Burger King comes to the rescue
It has long been known that Venezuela is currently one of the leading countries that are pioneers in the acceptance of cryptocurrencies by traders. In the last week of December, Burger King Venezuela announced that it would accept crypto payments in one of its stores as a pilot project, before including 40 other locations in 2020.
Dash was on the list, alongside Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Binance Coin (BNB), and stablecoin Tether (USDT).
Due to the enormous financial problems of Venezuela, the use of cryptocurrencies has increased over the years, because citizens are looking for alternative payment methods due to the collapse of the national currency.
According to Dash & # 39; s CEO, Ryan Taylor, the currency is the most used cryptocurrency in Venezuela.
“The progress we have made in Venezuela is real. We see evidence that it is constantly growing. We can register ever larger chains. We have just registered our largest chain: 22 pharmacies in Caracas, and we are currently negotiating with point-of-sale systems, "said Taylor in a recent interview for the Cake DeFi YouTube channel.
“None of that work would be possible without Dash Merchant building up a few thousand original mom-and-pop type traders. I think the work in Venezuela will continue. "
Technical analysis: Dash aims for $ 80.00
Dash recorded a 5-fold low in the last week of December, before it started to march higher. As shown in the graph, the bulls have successfully cleared the first two resistance levels, namely the 100 Daily Moving Average (DMA) and the falling trend line (the red line). The chart suggests that investors will continue to buy DASH while trying to bring the price action to $ 80.
The bulls now focus on the second resistance layer around $ 80, where the 200-DMA and the horizontal resistance are located. A trip north of $ 80 would also mean a new 3-month high point for DASH.
The disadvantage is that the previous resistance has now become a solid support around $ 60. If the bulls fail to push the price to $ 80, we see a drop to $ 60 in the short term. first support layer fails, a test of the 5-year lows below $ 40 may come into play again.