Key Highlights
- Dash price after a slide below the $80 support against the US Dollar found buyers and recovered well.
- The DASH/USD pair recently broke a major bearish trend line at $105 on the hourly chart (data feed from Poloniex).
- The price is now above the $100 resistance and the 100 hourly simple moving average, which is a positive sign.
Dash price (DigitalCash) declined heavily against the US Dollar and Bitcoin on the weekend, but now DASH/USD is trading above $100 in the bullish zone.
Dash Price Upside Break
It was a nasty ride for Dash price, as it tumbled by around $50 against the US Dollar. It traded from the $150 swing high to well below the $100 level before finding support at $74. The decline was such that the price even broke the 1.236 extension of the last wave from the $95 low to $150 high. Later, the price managed to hold losses below $70 and started an upside move.
The upside move was decent, as the price was able to break the 23.6% Fib retracement level of the last decline from the $150 high to $74 low. Later, the price gained traction, and moved above the $100 resistance and the 100 hourly simple moving average. Furthermore, the DASH/USD pair recently broke a major bearish trend line at $105 on the hourly chart. The last important break was above the 50% Fib retracement level of the last decline from the $150 high to $74 low.
The price has moved in the bullish zone above $100 and may continue to move higher. Any dips from the current levels may find support near $100 and the 100 hourly simple moving average.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is sable in the bullish zone.
Hourly RSI – The RSI for DASH/USD is heading lower, but well above the 50 level.
Intraday Support Level – $105
Intraday Resistance Level – $120
Charts from Poloniex; hosted by Trading View
