Tezos Displaces Dash Once More as the Asset Class Declines further; Is A Rebound Coming Soon?

The digital asset ecosystem has been hit hard in recent weeks. A majority of the top tokens have dropped greatly. Now, Tezos the digital currency that had previously slipped behind Dash is now ranked at number 15 among the largest digital assets by market capitalization. It is now one step ahead of Dash in the crypto market. Per the report, a drop rate of about 2.07% was noted in Dash during the course of the last 24-hours of trade.

Tezos, the coin in focus, has a 24-hour trade volume of $11.133 million as of when this report was published. Tezos also has a total market supply of 660,373,612 XTZ and total market capitalization of $915.511 million as of press time. Tezos coins aren’t mineable. As of August 11, the price of XTZ is changing hands priced at $1.39.

Dash is Now Number 16 behind Tezos in the Crypto Rankings

Dash, the digital currency that has just been displaced by Tezos is currently ranked at number 16, above Chainlink according to CoinMarketCap. Dash dropped by about 3.27% in only a matter of hours. Will the price of Dash rebound? Will the price of Tezos extend its position above Dash or will it drop back?

The coin’s trading volume at press time stood at $211.020 million. The coin also had a market supply of 8,973,908 DASH at the same time with a total market capitalization of $900.044 million. The price of DASH is currently at $100.30 per CoinMarketCap data.

eToro and Coinbase Decision to Enable Support for Tezos Has Pushed it Above Dash

Tezos reportedly overtook Dash only a day after exchanges, eToro and Coinbase enabled support and trading for the XTZ token. However, the DASH token had succeeded in bouncing back yesterday, which turned out to be a short-lived growth pattern.

Dash Latam operates in Latin America. The reason is that digital assets have seen massive adoption in the region. Especially in countries’ like Venezuela, Peru, Mexico, Brazil and a number of other nations in the region.

Looking closely at the DASH/USD pair hourly chart, we can confirm that the difference between the signal pattern and the MACD line is getting shorter and shorter. Thus, we can expect a bearish downturn in a matter of one or two days. The daily RSI through 10 periods currently stands at 33.11. The DASH token may enter the oversold territory very soon. RSI was heavily under the mark at number 30 for a 4 day period in the past month. That is from July 14 to July 18.

Dash Must Climb Higher for Better Days

We can also confirm that the Ichimoku Cloud is currently red since the start of the month, which in turn points to the persistent bearish pressure currently existing in the market. Despite the fact that the adoption of Dash has increased over the year, the coin still needs to climb higher if its value is to hold firm in the future.

And the fact that Coinbase has not yet listed Dash says a lot. Dash hasn’t been listed on the exchange along with Decred, ATOM and a number of others. Although it is understood that these tokens are being considered by the exchange.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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