Key Highlights
- Dash price surged higher and broke a major resistance at $165 and $180 versus the US Dollar.
- There is a bullish trend line forming with support at $195 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is currently correcting lower, but remains supported around the $198 and $195 levels.
Dash price (DigitalCash) gained bullish momentum against the US Dollar and Bitcoin, and now DASH/USD can be seen as a buy on dips near $195.
Dash Price Support
In the past few analysis, we discussed about positive moves in Dash price above $150 against the US Dollar. The price remained in a bullish trend and was able to break a major resistance at $165 and $180. The price gained traction and traded above the $200 level for a new monthly high near $217.82. Later, it faced offers and started correcting lower towards the $200 handle.
It is already below the 23.6% Fib retracement level of the last wave from the $181.30 low to $217.82 high. However, the most important support is around $200. There is a bullish trend line forming with support at $195 on the hourly chart of DASH/USD. The 100 hourly simple moving average is also near the trend line support at $196. Moreover, the previous resistance at $198-200 may now act as a support. Lastly, the 50% Fib retracement level of the last wave from the $181.30 low to $217.82 high is at $198.
So, we can consider $195-198 zone as a crucial support in the short term. If the price continues to move down, the $198 support might be seen as a buy zone.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently in the bearish zone.
Hourly RSI – The RSI for DASH/USD is currently moving lower, but remains above the 50 level.
Intraday Support Level – $198
Intraday Resistance Level – $215
Charts from Poloniex; hosted by Trading View
