Key Highlights
- Dash price started a nice upside move after forming a base near $100 against the US Dollar.
- The DASH/USD pair is currently following an ascending channel with support at $124 on the hourly chart (data feed from Poloniex).
- A break above the $140 level might call for further gains towards the $150 resistance.
Dash price (DigitalCash) after consolidating spiked higher against the US Dollar and Bitcoin, and now DASH/USD is eyeing for a move towards the $150 level.
Dash Price Uptrend Intact
In the last analysis, we saw start of an uptrend above $100 in Dash price against the US Dollar. The upside move was strong, as the price was able to settle above the $115 and $120 resistance levels. Later, there was a break above the 61.8% Fib retracement level of the last decline from the $151 high to $74 low. It has opened the doors for more gains towards $150.
The price is now comfortably placed above the $120 support and the 100 hourly simple moving average. Also, there is an important ascending channel with support at $124 on the hourly chart. At the moment, the pair is testing the channel resistance at $140. A break above the $140 level might call for further gains towards the $150 resistance.
On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $110.00 low to $140.70 high. However, the most important support is near the channel trend line at $124-22. It also coincides with the 50% Fib retracement level of the last wave from the $110.00 low to $140.70 high. So, the overall trend is bullish with chances of a break towards $150, and dips remains supported.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is in the bullish zone.
Hourly RSI – The RSI for DASH/USD is currently just below the overbought levels.
Intraday Support Level – $125
Intraday Resistance Level – $140
Charts from Poloniex; hosted by Trading View
