Key Highlights
- Dash price finally made an upside move, and broke the $65 resistance against the US Dollar.
- The last highlighted bearish trend line with resistance at $64 on the hourly chart of DASH/USD (data feed from Poloniex) was cleared.
- The price is now above the 100 hourly simple moving average at $65, which is a positive sign.
Dash price (DigitalCash) managed to gain strength against the US Dollar, and now DASH/USD is trading in the positive zone above $65.
Dash Price Support
During the past few days, we saw Dash price struggle below the $70 level against the US Dollar. The price traded as low as $60 recently from where it started a correction. Earlier, it struggled to gain pace above $63, but later it managed to gain strength. There were a couple of important resistance breaks like $63 and $65. These breaks have opened the doors for more gains in the near term towards $72.75.
The most important move was above the last highlighted bearish trend line with resistance at $64 on the hourly chart of DASH/USD. Second, the price was above to break the 23.6% Fib retracement level of the last decline from the $78.80 high to $60.66 low. The last and the most crucial one was above 100 hourly simple moving average at $65. These all are positive signs, as the price already traded close to the $70 level.
At the moment, the 50% Fib retracement level of the last decline from the $78.80 high to $60.66 low is preventing gains. So, there is a chance of a minor dip in the short term towards $65-63. Once the dip completes the price may again move higher towards $72-75.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently moving away from the bullish zone.
Hourly RSI – The RSI for DASH/USD is now well above the 50 level.
Intraday Support Level – $63
Intraday Resistance Level – $70
Charts from Poloniex; hosted by Trading View
