Dash Price Technical Analysis – DASH/USD Gains Momentum

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Key Highlights

  • Dash price remained above the broken resistance of $68 against the US Dollar, and gained momentum.
  • There is a nice ascending channel with support at $70 formed on the hourly chart of DASH/USD (data feed from Poloniex).
  • As long as the price is above the channel support of $70, more gains are possible.

Dash price (DigitalCash) traded with a nice price action with a move above $70, and now DASH/USD could trade further higher.

Dash Price Trend

There were good moves in Dash price above $65 against the US Dollar during the past few sessions. Yesterday’s highlighted important trend lines break at $68 turned out to be a game changer. The price gained pace further and managed to move above the $72 level. There was a dip earlier, but the same broken trend lines at $68 acted as a strong support and buy zone. The price also found support near the 23.6% Fib retracement level of the last wave from the $45 low to $72 high.

There was a nice upside move, as the price broke the $74 and $76 resistance levels. A new weekly high of $79.06 was formed. Now, there is a nice ascending channel with support at $70 formed on the hourly chart of DASH/USD. The channel support also coincides with the 23.6% Fib retracement level of the last wave from the $44.80 low to $77 high. So, if the price dips further from the current levels, the $72 and $71 support area might come into play.

The price is now well above the 100 hourly simple moving average at $66. It is a positive sign, and suggest more gains. On the upside, an initial resistance is at $78, followed by $80.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is moving back in the bullish zone.

Hourly RSI – The RSI for DASH/USD is in the overbought levels, but with no sign of a correction.

Intraday Support Level – $71

Intraday Resistance Level – $78

 

Charts from Poloniex; hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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