On June 20th,LTC Auto mining 2023, according to the blockchain explorer OKLINK, DASH will undergo a reduction in production after 1800 blocks, with rewards decreasing from 2.4873 to 2.3098 DASH. The expected time of occurrence is June 23rd, with approximately three days left until then. As for the impact of the DASH halving, it may affect the price, but it's difficult to predict with certainty.
DASH production reduction countdown 3 days; Source: OKLINK.
Similar to Bitcoin (BTC), DASH is also a cryptocurrency designed for secure and efficient transactions among users through a decentralized peer-to-peer network. However, DASH mining rewards decrease by 7.14% every 383 days (approximately 1 year), while BTC mining rewards halve every 4 years.
Mitrade analyst: From the DASH price chart below, it can be seen that as the production reduction approaches, DASH not only did not rise but fell instead. Why is this? There are mainly two reasons as follows.
(1) The cryptocurrency market is in a bearish trend, and DASH cannot thrive independently. Moreover, with a market cap of only $350 million, DASH ranks around 90th.
(2) DASH is limited by its own production reduction mechanism. It experiences a production reduction every year, but the reduction is relatively small and far less than the expected halving every four years in cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), etc.
DASH did not experience a bullish trend due to its production cut, but there is a good buying opportunity as it is replicating the bear market trend from the previous cycle. As of June 20th, DASH has fallen below its prior low and dropped to around $24, approaching its 2020 price level. It is worth noting that this position happens to be the trough of the last bear market and rebounded after falling to the bottom.
DASH price trend from 2022 to present; Source: TradingView.
The current position of DASH is a bottoming phase, which constitutes a relatively good buying point and is very suitable for long-term accumulation. For short-term trading, it can also be used for swing trading within the range.
2023 is a relatively subdued year for cryptocurrencies, but it doesn't mean there are no opportunities at all. In August of this year, Litecoin (LTC) will undergo its four-year halving cycle, which is something to look forward to.
In addition, from the chart, Litecoin is much better than Dash. Since the beginning of this year, Litecoin has had a stronger rebound with an increase of 150% from $40 to $100, while Dash rose from $30 to $70 (a 133% increase). Most importantly, Dash recently hit a new low, but Litecoin still maintains an upward trend, indicating that investors have more confidence in Litecoin.
LTC price trend from 2022 to present; Source: TradingView.
