Dash 2 Trade (D2T) is trading 35% higher today after a meteoric bounce of support on Sunday and is currently trading at $0.019 today as buyers snap up the token as product release rumors swirl.
The price bounced off strong support on Sunday 15th at the $0.13 level.
Buyers are now hoovering up the token, partially on the back of the general recovery in crypto prices seen in the space, led by the rise of bitcoin.
However, it is likely that project fundamentals are coming into play to guide buying decision making.
Dash 2 Trade project fundamentals start to drive price action
Dash 2 Trade, despite only listing last week, already has a beta of its dashboard in the hands of its growing community.
Indeed, it was reported last week that there were 7,000 sign-ups to the open beta testing program.
The beta showcases the presale section of the dashboard that provides comprehensive information and data on early stage crypto projects raising funds investors.
Product releases are ahead of schedule – autotrading coming soon?
Since that news broke, there are rumors afoot on the community Discord and elsewhere that the project has yet more good news to come on the product development front.
A key part of the overall platform is the autotrading feature, which will allow subscribers to the service to make use of their broker or exchange’s API to connect to their Dash 2 Trade account.
As such, it will enable the trading strategies developed with the Dash 2 Trade Strategy Builder – due to be released in April – to be implemented as rules that can be executed on users’ preferred trading venues.
The value of the D2T token is driven by its utility as the access token of the trading analytics, bots, signals and social trading platform, encompassing all of its features and functionality.
Subscribers to the platform must pay with D2T, thereby creating constant buying pressure and value for the token because of the cash flow generated.
The dashboard that sits at the centre of the ecosystem is released in April. The token price can be expected to rise as more features come out of development and are added to the existing beta for community testers.
Dash 2 Trade volume profile signals strong buy entry point at these levels
On a technical analysis view, MACD crossed above the signal line (red, in the chart directly above) yesterday in a bullish move.
The D2T price is also trading above the 9-day simple moving average but the short timeframe means traders should not necessarily put to much store by that.
The volume profile, however, which measures the volume of orders at various price levels in a range, provides firmer ground for analysis.
The point of control (POC – the red horizontal line in the chart at the beginning of the article) reading – which shows the price at which the highest number of orders were traded – is $0.02018.
Strong buy signals from MACD, SMA and volume profile
Looking at the fixed price range volume profile (in the chart at the top of this article), it confirms that the current price level is attracting the strongest interest from traders, and with the price rising, this takes on a bullish color.
Therefore around the $0.019 is the level at which bullish price predictions could see resistance flip to become support. A confluence of signals points to a strong buy.
The chances of such a development are higher than anywhere else in the price range because the POC, by definition, is a high volume node. This means it is likely to provide the best risk-reward set-up and liquidity will be at its optimum level.
Again, we should note that indicators are not as powerful when there is less data to work with, but the volume profile – used widely by pro traders – still tells us something very useful: we are a price level where the most liquidity has tended to materialise.
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