DASH, IOTA (MIOTA) and VeChain (VEN) Price Technical Analysis: Assets Losing Their Mojo to Trim Gains
DASH price spiked on Tuesday morning increasing over 12% on the day and even exchanged above $450. The cryptocurrency surged breaking above the key resistance level at $420 and at that moment $500 seemed within reach. However, at the moment DASH/USD is trimming the gains testing the former resistance level at $420.
The price is ignoring the partnership DASH had with Alt36, a company that enables clients to buy the legal cannabis in the US states where it is legalized. The customers can now pay for their cannabis using DASH cryptocurrency. The process has been made possible using a mobile app that integrates blockchain. The charges on the transaction are reduced tremendously when using DASH as a mode of payment. The CEO of Alt36, Christopher Dell’Olio said:
“This partnership will take cannabis tech to the next level and help all companies across the supply chain accept cashless payments and offer a reliable merchant solution to our 200+ cannabis POS clients.”
DASH price was on fire as the news of the partnership reached the market, however, it has lost its mojo and now correcting lower. The short-term support areas at $440 and $430 could not stop the trend reversal, although, the immediate support is at $420. Moreover, the 50 SMA is providing support above $450, but a major support is highlighted at $400.
IOTA (MIOTA) Price Analysis
IOTA price is also correcting lower despite the fact that it was surging earlier in the day. MIOTA/USD movement is locked within a ranging channel on the 30’ intraday chart with the upper intraday limit at $2.05 and the lower limit of the channel at $1.71. The upside movement was started at $1.9 breaking above the key resistance area at $2.0 but the buyers lacked the support to break past $2.1 paving the way for the current correction.
The crypto is exchanging at $1.96, although on the downside, it is supported by the 50 SMA and the 100 SMA. Below this support lines, $1.90 is going to prevent declines towards $1.8, however, the major support is at $1.70. The RSI on 30 minutes timeframe chart is at the 50 mark, besides it is pointing north. MIOTA/USD could keep above $1.9 and an upside breakout will test $2.0 again before the close of the session.
VeChain (VEN) Price Analysis
VeChain price like DASH and IOTA is trimming the gains it had achieved since the trading on Monday and Tuesday morning. VEN/USD broke above $5.0 and exchanged above $5.2 before giving in to selling pressure. Sharp declines have engulfed the crypto, which has breached the support level at $5.0 and is now trading at $4.92 at the time of writing.
VeChain price is up a subtle 0.93% in the last 24 hours despite the overarching declines. On the upside, $5.0 is a hurdle as the price attempts to correct higher. Indicators on the chart are showing signs of bear pressure dominating in the near-term. On the downside, the 50 SMA is offering support at $4.9. Moreover, other support areas are $4.8 and $4.6, although, in the event of extended declines, $4.4 is a major support area.