Dash Price Key Highlights
- Dash price broke down Intraday and cleared a triangle pattern as highlighted in yesterday’s analysis.
- There is a descending channel formed on the hourly chart, which can be seen as a bullish breakout pattern.
- Dash price has managed to settle above the 100 hourly MA, which is a bullish sign in the near term.
Dash price looks like setting up for more upsides moving ahead, as there are many things favoring buyers as of writing.
Yesterday, we highlighted a triangle pattern on the hourly chart, which was breached by sellers towards the downside. However, the downside was limited after the break, as the price found support at 0.0117BTC and gained bids. Currently, there is a descending channel formed, which could act as a catalyst in the near future. One crucial point to note is the fact that the price just settled above the 100 hourly simple moving average, i.e. a bullish sign and might encourage buyers.
The first hurdle on the upside can be around the 50% Fib retracement level of the last drop from 0.0124BTC to 0.0117BTC, which is also around the channel resistance area. A break and close above the channel