Key Highlights
- Dash price remained above the all-important $88 support area against the US Dollar, and looks set for more gains.
- The DASH/USD pair is currently attempting a break above a major bearish trend line with resistance at $100 on the hourly chart of (data feed from Poloniex).
- A successful close above the $100-101 levels may put the price in the bullish zone for more gains.
Dash price (DigitalCash) remained supported and traded with bullish bias against the US Dollar and Bitcoin, and now DASH/USD is looking to break a major hurdle at $100.
Dash Price Upside Break Likely
In the last analysis, I mentioned that the overall trend is bullish with chances of more gains in Dash price above $95 against the US Dollar. The price continued to trade in the bullish zone, and moved above the $92 and $95 resistance levels. The best past was a close above the 38.2% Fib retracement level of the last decline from the $108.20 high to $90.09 low. It has opened the doors for more gains above $100.
Another aspect is the fact that the price is currently trading well above the 100 hourly simple moving average at $97.50. It means Dash buyers are in control above $95. At the moment, the DASH/USD pair is currently attempting a break above a major bearish trend line with resistance at $100 on the hourly chart. The same trend line coincides with the 50% Fib retracement level of the last decline from the $108.20 high to $90.09 low.
So, if the price manages to clear the trend line resistance at $100, and closes above $101, more gains are possible. On the downside, the 100 hourly SMA at $97 may act as a support.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is placed in the bullish zone.
Hourly RSI – The RSI for DASH/USD is well above the 50 level.
Intraday Support Level – $97
Intraday Resistance Level – $101
Charts from Poloniex; hosted by Trading View
