- Dash has retreated from the weekend’s high.
- Block rewards will be reduced by 7%.
DASH is the 19th largest digital asset with the current market value of $723 million and an average daily trading volume of $893 billion. The coin has lost over 3% in the recent 24 hours to trade at $81.93 at the time of writing; however, it is still over 7% higher on a week-on-week basis. Dash hit the recent high $88.25 on April 25, but failed to hold the ground.
Dash gets ready for a reduction of block reward
While DASH has been moving in sync with the market, its recent price movements have been influenced by the upcoming halving, which will reduce the block reward by 7%, from 1.55 to 1.43933 DASH. The reduction takes place every 7,100 blocks, and this may happen later today.
Also, DASH and Huobi will hold a joint AMA session in Huobi’s telegram channel. Chief Marketing Manager of Dash Core Group, Frenando Gutierrez will answer the questions related to Dash block rewards reduction and collaborations between Huobi x Dash.
DASH/USD: Technical picture
On the daily chart, DASH recovery is capped by SMA100 (currently at $88.83). The price touched this MA on Saturday, April 25, but reversed to the downside. The downside correction may extend to the psychological $80.00 and $75.00 with daily SMA200 located below this level. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $70.00 and %69.50 (daily SMA50).
Considering the downward-looking RSI on the daily chart, the near-term forecast looks bearish, though the long-term trend remains positive as long as the price stays above $70.00.
On the upside, a sustainable move above daily SMA100 is needed for the upside to gain traction with the next focus on $90.00. The next resistance is created by weekly SMA50 at $92.50. The pice stayed below this MA since the end of February.