Dash price had a spectacular retrace in 2018 following its all-time high in 2017 where it soared above 1600 USD very quickly. This article is meant to provide our readers with our outlook for the Dash price in 2018. Specifically, we are looking to answer the following questions:
- Is Dash price still bullish?
- Is Dash still on track to achieve our forecasted 3000 USD target in 2018?
Dash Price Looks Bullish for 2018
Let’s start with what we mentioned in our initial Dash price forecast for 2018:
Our Dash price forecast or 2018 is 1500 USD with a potential to reach 2000 USD provided the sector leader Bitcoin remains on its uptrend and Dash price remaining above 400 USD. We expect a price correction in the process of reaching 1500 USD where Dash might revisit the 400 USD (or almost) and this backtest has to succeed for the uptrend to continue.
Later on, we revised our Dash price target to 3000 USD in 2018 and provided the rationale for the forecast and most important, the charts.
Fundamentally, we don’t see any treats to our Bullish perspective for Dash. In fact, we still like the structure behind the Cryptocurrency which makes the decision process effective. The structured Dash treasury allows Dash to be independent and not relying on third parties for funding which we believe is a key factor to survive as a project.
To see what the Dash Team is currently working on and why we like the way the project is run, take a look at “What’s going on at Dash Core Group“.
Dash price chart indicates the potential to reach higher prices in 2018
Dash price is at the bottom of the ascending channel at press time. This could represent a good entry for a long term hold if the current support levels hold. The price could briefly touch the 350 to 330 USD levels and if it recovers fast, the price should rally to 1000 USD with a possible pullback at the 600 USD level.
We believe this is possible scenario in the mid term. Looking at the chart below, we can see that the price is attempting a double bottom formation which is very Bullish.
If on the other hand, the price falls below 330 US and doesn’t recover in the following 48 hours, 280 USD will be the next support. Below that would be very bearish for the cryptocurrency and we will have to re-assess although we believe this scenario is unlikely.
Dash price still on track to achieve our foretasted 3000 USD target in 2018?
The log chart below shows have Dash price could reach 3000 USD provided the double bottom we mentioned above is confirmed. 3000 USD would be at the very top of the ascending channel and it could happen in 2018, especially considering the fast run Dash is capable of. Last year, Dash price reached 542 USD on November the 14th. One month later, it was above 1600 USD. Obviously, there will be more resistance levels to be cleared this time, however, if the sector recovers, our target seems likely to be achieved.
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Note: Dash is one of the Cryptocurrencies our Blockchain research service is monitoring closely to provide our subscribers with weekly overviews and price levels to watch. Sign up to our Blockchain investing research service >>