Dash has made further progress toward creating a truly decentralized autonomous organisation (DAO) with their latest announcement on the elections for the Trust Protectors of the Dash DAO Irrevocable Trust.
Set up in July 2017, trust was designed to ensure that the operations of the DCG would be controlled entirely by the Dash Network. However, this has still not come to fruition as the Trust Protectors were originally populated by Dash Core Group (DCG) members and have not been elected by the network.
The Dash network will be the ultimate beneficiary of the Trust and the Trust will own 100% of the shares of the DCG.
This system will effectively allow the network to have full control over the direction of the project as the Trust Protectors will be able to oversee and replacd the DCG directors, if requested through the masternode decision making system.
In March 2019, a group of 6 Trust Protectors will be elected by the masternode governance system. A 3rd party firm will vet all the candidates for the election and anybody who wishes to be a candidate will have to contact the 3rd party firm (soon to be announced).
Then, the firm will release a list of the vetted candidates and the masternode owners can, anonymously, vote for the 6 candidates of their choosing.
After the Trust Protectors have been elected, the Dash network will be one step closer to being a fully decentralized operation as the DCG will no longer be able to determine the direction for the project — unless voted for by the masternode operators.
Let us continue to take a look at price action for DASH/USD over the short term and continue to highlight any potential areas of support and resistance moving forward.
Dash has seen a price increase totaling 3.69% over the previous 24 hour trading session, bringing the current price to around $86.80, at the time of writing. The cryptocurrency has seen a slight 30-day period of stability where price action has dropped by a small 3% over the stated period.
Dash is now ranked in 15th position as it currently holds a $716 million market cap value. The 59-month old project has seen a sharp decline over the past 90 trading days which amounts to 53%. It now trades at a value that is 94% lower than the all-time high price.
Looking at the short-term 4-hour chart for DASH/USD above, we can see that the market had reversed during the later half of December 2018 after it reached support at a downside 1.414 Fibonacci Extension level (drawn in purple) priced at $59.04.
The market then went onto rally until it met higher resistance at a bearish .382 Fibonacci Retracement level (drawn in red) priced at $103.13.
This Fibonacci Retracement is measured from the high seen in November 2018, before the cryptocurrency bloodbath, to the low seen in December 2018.
After reaching the area of resistance, the market began to slowly decline until it reached support below at the short-term .618 FIbonacci Retracement level (drawn in green) priced at $76.67.
The market bounced from this support area and has now been trapped within a short-term trading range between the .382 Fibonacci Retracement level (drawn in green) priced at $88.27 as the upper boundary and the support at $76.67 as the lower boundary of the range.
The market has been trading sideways for the past few days, leading to a neutral consolidating market.
If price action can break up above the upper boundary and continue to travel higher above the $103 handle, we can consider that the DASH/USD market has entered a bullish trading condition.
However, if the market penetrates below the lower boundary of the trading range, we could expect the bearish market condition to take over once again.
If the buyers manage to break above the upper boundary of the trading range at $88.27, we can expect higher resistance to be located at the short term .236 Fibonacci Retracement level (drawn in green) priced at $95.44.
If the bulls continue to climb higher and break above the $100 handle, further resistance can then be located at the medium-term bearish .382 FIbonacci Retracement level (drawn in red) priced at $103.13.
If the bulls can clear the $105 handle, we can look for higher resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $117.19. This area of resistance is further bolstered by a short-term 1.272 Fibonacci Extension level (drawn in blue) priced at $116.
More resistance toward the upside can be located at the short-term 1.414 Fibonacci Extension level (drawn in blue) priced at $123.26. This is followed by the bearish .618 Fibonacci Retracement level (drawn in red) priced at $131.26.
If the sellers regroup and begin to push price action lower, we can expect immediate support towards the downside to be located at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $82.47.
This is followed by the lower boundary of the trading range priced at $76.67.
If the bears break below the lower boundary of the trading range, more support toward the downside can be expected at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $68.41, followed by the previous downside 1.414 Fibonacci Extension level (drawn in purple) priced at $59.04.
The election for the Trust Protectors will undoubtedly lead to Dash having a higher level of autonomy.
With the masternode system being able to vote for the direction of the project efficiently, Dash could become one of the top decentralized and autonomous organizations within the cryptocurrency space.
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