DAI’s Month-long Trend Reflects Stagnant Movement

DAI is a stable cryptocurrency. The YTD price movement reflects a moderate growth in terms of price. However, the upcoming period is speculated to be slightly regressive as per the current trend noticed. 

Recently, Binance has added BTC/DAI, BNB/DAI, ETH/DAI, BUSD/DAI & USDT/DAI trading pairs. These pairs are available for trade via Binance from today. 

DAI is presently dealing with a market cap of $434,317,566 and the 24-hour volume of $31,780,775. 

DAI Price Analysis:

A month ago, the price of DAI coin spotted at $1.02. The price plunged to $1.016 within the first ten days. Later, the currency registered a spike to $1.09, but later it reflected a steady movement around $1.03. Further, the price dropped to $1.016. However, after this decline, Dai managed to register a steady recovery in the following days. By July 29, the coin retested the $1.03 mark. 

Since the beginning of the ongoing month, the currency was trading around $1.02. At the press time, the price spotted at $1.016. 

As per the daily moving averages, the coin might exhibit short-term loss as it lacks support from SMA lines. However, the MACD indicator reflects a bullish crossover. The current price is near the next support level. We are assuming that the coin might keep the flattish trend intact.