- 1 OKX cryptocurrency exchange has banned the DASH coin along with several other coins of the same nature.
- 2 DASH coin price fell more than 19% after the news broke out.
The cryptocurrency known as Dash, which stands for Digital Cash, prioritizes speed, privacy, and stealth in its transactions. Although it operates similarly to other coins, it has unique features that set it apart. Originally launched as Xcoin in 2014 and later rebranded as Darkcoin, it was finally renamed Dash in 2015 by its creator, Evan Duffield.
Dash utilizes a proof-of-work protocol to ensure speedy transactions, with tokens appearing on the blockchain within a minute and a half.
Its two-tier architecture involves miners using rigs to complete transactions and mining blocks, while master nodes provide additional services, such as anonymous and instant transactions.
To operate master nodes and earn rewards, users must hold at least 1000 Dash coins in their wallet and be online to secure the network.
OKX bans DASH coin
OKX, a prominent cryptocurrency exchange, has announced that it will be delisting more than 20 trading pairs next week as they no longer meet the exchange’s listing criteria.
The privacy tokens Dash (DASH), Monero (XMR), and ZCash (ZCH) have seen a dip in their value by as much as 10% due to this decision. Although OKX has not explicitly stated the reason for delisting these tokens, many speculate that it’s because they offer enhanced privacy for transactions.
Privacy coins are not favored by regulators as they make it difficult to track financial activity across their networks.
Technical Analysis and Prediction of the FIL Coin Price
DASH/USDT chart by TradingView (Daily time frame)
The DASH coin price has slipped significantly after the OKX news. Currently, the coin is trading at the level of $33.7 after being rejected at the immediate resistance level of $38.8.
The bulls, however, took support from the 50 and 150-day Exponential moving averages (EMAs) which are at the levels of $32.3 and $31.8 respectively. The RSI on the other hand is showing a sudden drop in the bullish strength.
Pivot Classic Fibonacci Camarilla Woodie S3 14.960 24.190 29.150 17.880 S2 24.190 27.720 30.000 23.770 S1 27.940 29.890 30.840 27.100 P 33.420 33.420 33.420 33.000 R1 37.170 36.950 32.540 36.330 R2 42.650 39.120 33.380 42.230 R3 51.880 42.650 34.230 45.560
Currently, it is at the neutral level of 51 while its SMA has done a bearish crossover with it. The price prediction as per the current scenario will be bearish. A sell is advisable if the current support level of $30.9 breaks.
Conclusion
The Dash crypto known as Digital Cash, prioritizes speed, privacy, and stealth in its transactions. OKX exchange has banned the DASH coin for some privacy reasons. The DASH Coin fell more than 19% after the news broke out and it is suggested to short the coin if the first support breaks.
Technical Levels
- Support Levels: $30.9 and $25.1
- Resistance Levels: $38.8 and $43.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
