Dash Price Technical Analysis – DASH/USD Overcomes Pressure

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Key Highlights

  • Dash price finally made a positive move and traded above the $67 resistance against the US Dollar.
  • This week’s highlighted two bearish trend lines with resistance at $67-68 on the hourly chart of DASH/USD (data feed from Poloniex) were broken.
  • The price also moved above the 100 hourly simple moving average at $65, which is a positive sign.

Dash price (DigitalCash) made a nice upside move above $66 against the US dollar, and now DASH/USD is trading with a positive bias.

Dash Price Upside Break

Yesterday, we saw how Dash price struggled to move above the $68 resistance area against the US Dollar. Later, it moved down below $50 and traded towards $45. However, the price found strong bids near $45, and recovered sharply. The upside move was such that during the past session, the price was above to overtake $65. The best part was move above the 50% Fib retracement level of the last decline from the $91 high to $45 low.

Later, the price gained strength and climbed above the 100 hourly simple moving average at $65. It opened the doors for a break above this week’s highlighted two bearish trend lines with resistance at $67-68 on the hourly chart of DASH/USD. The price is now placed well above the $66 level, and recently traded as high as $72. It is now correcting lower towards $67. An initial support is around the 23.6% Fib retracement level of the last wave from the $45 low to $72 high.

Moreover, the broken 100 hourly simple moving average at $65 may now act as a support. And, the main support is near the bearish trend lines at $67. These may act as a good support above $65. So, as long as the price is above $65, more gains are likely.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently neutral.

Hourly RSI – The RSI for DASH/USD is currently well above the 50 level.

Intraday Support Level – $65

Intraday Resistance Level – $72

 

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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