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Dash Price Trading Near Critical Juncture

Dash Price Trading Near Critical Juncture

Avatar Aayush Jindal 5 years ago

Dash Price Key Highlights

  • Dash price finally surged higher and broke several hurdles on the way up.
  • The recent upside move in the Dash price is encouraging and a sign of things to follow.
  • A break above 0.0118BTC might set the price for more gains in the near term.

Dash price showing signs of more upsides as there was a sharp move higher Intraday taking the price towards a major bearish trend line.

Break Possible?

The price after a failure to move lower spiked and traded above a bearish trend line on the hourly chart, which acted as a pivot for more gains. The price surged higher and even managed to clear the 50% Fib retracement level of the last drop from 0.0120BTC to 0.0104BTC. Furthermore, the price moved above the 100 hourly simple moving average, and currently attempting to close above it. The mentioned MA is also around the 76.4% Fib level, and coinciding with another important bearish trend line.

Dashcoin

One crucial point to note is the fact that the price is sitting around a previous swing area of 0.0116BTC. It means buyers have to be very careful, as sellers might attempt to prevent more upsides above the stated level. If buyers get aggressive and manage to clear the highlighted bearish trend line, then the next level of interest could be at 1.236 extension of the last leg. However, in between there lies yet another pivot area of 0.0120BTC. Let us see how the price trades in the near term.

On the downside, the 100 hourly MA is an immediate support, followed by the broken trend line. The hourly RSI is around the overbought levels, signaling a short-term correction.

Intraday Support Level – 0.0120BTC

Intraday Resistance Level – 0.0115BTC

In short, the possibility of a break above the trend line is high, but with caution.

 

Charts courtesy of Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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