DASH Losing Ground as Short Term Momentum Turns Bearish

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Dash

Dash (DASH) is down by more than 40% over the past month, on the broader cryptocurrency sector turning bearish.  Similarly, Bitcoin (BTC) has also come under pressure in recent trading sessions. The flagship cryptocurrency has already slid below the $10,000 mark after a spike to highs of $13,000 early in the month.

Comparing Payments Processes

Dash has continued to edge lower even as its CEO, Ryan Taylor, reiterates that Bitcoin is flawed as a payment solution compared to Dash. According to Taylor, his cryptocurrency is well-positioned to address all the shortcomings of the biggest cryptocurrency by market share. Dash is seeking to become a cryptocurrency for mass adoption following the introduction of instant transactions.

Low transaction fees, as well as near-instantaneous transaction settlement, are some of the attributes that make Dash stand out compared to Bitcoin. Scalability issues, as well as high transaction fees, are some of the factors that have forced people to shun Bitcoin. The likes of Dash and Ripple (XRP) have since emerged as an ideal option for settling transactions.

Taylor insists that Bitcoin is deeply flawed on payment perspective, something that his altcoin is building on as it continues to strengthen its edge on crypto transactions.

“Whoever designed it did not bring payments industry best practices to bear, and there were obvious mistakes… Absolutely every adoption factor for mass scale is the opposite of what it should be for Bitcoin,” said Mr. Taylor.

>> Litecoin (LTC) Corrects 35% from 52-Week High, What’s Next?

Dash Price Analysis

Amidst the sentiments, Dash has continued to edge lower and now faces the risk of sliding below the $100 mark. While the altcoin is still bullish as a long-term play, the short-term momentum has turned bearish following the breach of the $140 support level.

A breach of the $100 mark could result in the acceleration of the sell-off wave. Considering the emerging bear trend, this altcoin will have to bounce back and take out the $140 resistance level to spur further buying pressure. Below the $140 mark, the crypto remains susceptible to further drops.

At the time of writing, DASH is trading lower by 3% at $103.80.

Featured image: DepositPhotos © maloha13

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