DUSK/USD has weakened from $1.07 to $0.34 since January 17, 2022, and the current price stands at $0.35.
Technically looking, DUSK remains in a bear market, and the risk of further decline still persists.
Dusk Network has created PlonKup
Dusk Network is the privacy blockchain for financial applications that allow businesses to tokenize financial instruments and automate costly processes.
Dusk Network aims to address the specific requirements of financial markets, and because of this, it is designed to meet the standard of global regulation.
Transactions on this network are fast, and it is important to say that Dusk provides full user privacy with equal opportunity for organizations of all sizes to secure capital, trade assets, and access a full spectrum of financial services.
All transactions are on the network are secure, while to preserve privacy, Dusk is using Proof of Blind Bid consensus, which directly settles transactions within 15 seconds.
This project has seen growing enthusiasm in the last several months, the community is expanding day by day, and according to the latest news, Dusk Network has created the zero-knowledge proof (ZKP) system “PlonKup” to make cryptographic obfuscation of data on layer-1 blockchains affordable. Marta Bellés-Muñoz from Dusk Network said:
By synergizing PlonKup with the Reinforced Concrete hashing algorithm, we’ve achieved a level of optimization that outperforms the regular implementation of PlonK with other hash functions. And this opens the blockchain up to entirely new zero-knowledge use cases that were too costly to operate before.
DUSK is a utility token of Dusk Network, which can be used to initiate transactions and atomic swaps, or for the deployment of smart contracts. It has a total supply of 500 million coins, and if you are looking to buy this cryptocurrency, Binance is currently the most active exchange.
DUSK has achieved an impressive gain in the second week of January 2022, and it has reached levels above $1 on January 17. DUSK is currently down more than 50% from its recent highs; still, Dusk Network is a very interesting project, and the price of DUSK could advance again at levels that we saw last month.
$0.50 represents important resistance
DUSK has collapsed from its recent high above $1, registered on January 17, and according to technical analysis, this crypto remains in a bear market.
Despite this, the current price represents a good entry point for long-term investors. If the price jumps again above $0.50 resistance, the next price target could be around $0.70 or even above.
Summary
Dusk Network is the privacy blockchain that enables its clients to trade assets, secure capital, and access a full spectrum of financial services. DUSK has collapsed from its recent high above $1, but if the price jumps again above $0.50 resistance, the next price target could be around $0.70 or even above.
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from Market Analysis – Invezz
