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Key Highlights
- Dash price surged higher recently and broke many resistances like $80 and $90 against the US Dollar.
- There is a now connecting bearish trend line with resistance at $101 formed on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is likely to move higher once again, but it can also face sellers near the $100-105 levels.
Dash price (DigitalCash) jumped higher recently against the US Dollar and Bitcoin, and now DASH/USD is looking to extend gains in the near term.
Dash Price Upside Surge
In the last analysis, I mentioned that there is a chance of Dash price gaining strength above $80 against the US Dollar. The price did move higher, and gained a lot of pace to break many resistances like $80 and $90. The price also moved above the 1.236 extension of the last decline from the $88.00 high to $73.10 low. It opened the doors for more gains and took the price above the $100 level.
The price traded close to the $107 level, and later started a correction. The price corrected lower towards $90 where it found support once again. It is currently moving higher and already above the 23.6% Fib retracement level of the last decline from the $107 high to $90 low. It may continue to trade higher towards $100. On the upside, a connecting bearish trend line with resistance at $101 formed on the hourly chart of DASH/USD is waiting.
The trend line along with the 50% Fib retracement level of the last decline from the $107 high to $90 low may act as a resistance. However, the overall trend is bullish with chances of more gains in the near term.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for DASH/USD is heading higher towards the 50 level.
Intraday Support Level – $90
Intraday Resistance Level – $100
Charts from Poloniex; hosted by Trading View
