- Dash price finally managed to trade higher and cleared a major bearish trend line.
- Buyers look like in control and if they continue to remain active more gains are possible.
Dash price after consolidating for some time managed to move higher and traded as high as 0.0145BTC.
Buyers in Control
We highlighted this past week that the price after a consolidation phase might break either higher or lower. There was a major bearish trend line formed on the 4-hours chart, which was broken to set the price for more gains in the near term. There was a major resistance formed around 0.0130BTC, which when cleared pushed the price higher. We stated time and again the importance of 0.0125BTC support area, as the 100 simple moving average, and the 61.8% Fib retracement level of the last leg from 0.0104BTC to 0.0157BTC were aligned around it. There was continuous rejection around 0.0125BTC, which finally encouraged buyers to take the price higher.
The price traded as high as 0.0145BTC where sellers appeared to prevent additional gains. Currently, the price is correcting lower, and heading towards the Middle Bollinger Band where there might be buying interest. The best part is the fact that the broken trend line on the 4-hours chart may also act as a support area for the price if it moves lower from the current levels. Any further downsides might set the price for a move close to the most important support at 0.0125BTC.
On the upside, the last swing high of 0.0145BTC may act as a short-term hurdle. If there is a break above the same more gains towards 0.0150BTC are likely.
Intraday Support Level – 0.0130BTC
Intraday Resistance Level – 0.0145BTC
The 4-hours RSI and MACD are sitting comfortable in the bullish zone, which is a positive sign.
Charts courtesy of Trading View