Dash Price Key Highlights
- Dash price broke down Intraday and cleared a triangle pattern as highlighted in yesterday’s analysis.
- There is a descending channel formed on the hourly chart, which can be seen as a bullish breakout pattern.
- Dash price has managed to settle above the 100 hourly MA, which is a bullish sign in the near term.
Dash price looks like setting up for more upsides moving ahead, as there are many things favoring buyers as of writing.
Yesterday, we highlighted a triangle pattern on the hourly chart, which was breached by sellers towards the downside. However, the downside was limited after the break, as the price found support at 0.0117BTC and gained bids. Currently, there is a descending channel formed, which could act as a catalyst in the near future. One crucial point to note is the fact that the price just settled above the 100 hourly simple moving average, i.e. a bullish sign and might encourage buyers.
The first hurdle on the upside can be around the 50% Fib retracement level of the last drop from 0.0124BTC to 0.0117BTC, which is also around the channel resistance area. A break and close above the channel may perhaps open the doors for a move towards a bearish trend line on the upside around 0.0123BTC. The hourly RSI has moved above the 50 level, pointing that buyers are stepping in and might manage to take the price higher. The MACD is also changing slope to increase the probability of a bullish break.
On the downside, the 100 MA may provide support to the price, which if breached could take it towards the channel support area.
Intraday Support Level – 0.0118BTC
Intraday Resistance Level – 0.0123BTC
Overall, the possibility of the price moving higher is more. However, sellers gaining strength cannot be ruled out completely.
Charts courtesy of Trading View