Key Highlights
- Dash moved higher Intraday to touch a high of 0.0124BTC.
- It managed to clear a critical hurdle, opening the doors for more upsides in the near term.
Recent surge in Dash above 0.0116BTC was encouraging, and might help in triggering another wave of buying.
MACD Signaling a Correction
Dash managed to extend its recent rally to a fresh Intraday high of 0.0124BTC. It found resistance around the mentioned area, activating a downward corrective movement in the short term. The MACD is starting to bend, signaling the possibility of a minor pullback.
There is a major bullish trend line formed on the hourly chart, which is likely to act as a barrier for sellers moving ahead. The technical indicators are posting tepid bounces from their mid-lines, and suggesting that Dash might regain bullish bias if it moves lower from the current levels.
Furthermore, the 61.8% Fib retracement level of the last leg from 0.0111BTC to 0.0124BTC is also coinciding with the highlighted trend line. To the upside, the next resistance is located at 0.0130BTC levels and above which it could extend gains 0.0135BTC. To the downside immediate support might be located at 0.0116BTC, which is the convergence area of the bullish trend line and the 61.8% Fib level.
A break below 0.0116BTC could negate the current bullish view and might increase pressure on buyers. In that situation, it might test the last swing low of 0.0111BTC.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0124BTC
Overall, a short-term retracement can be considered as a buying opportunity as long as the highlighted bullish trend lines remain intact.
Not to forget, 0.0116BTC acted as a major hurdle earlier, so it might turn into a monster support in the short term. Any further weakness could trigger another wave of selling.
