Dash Price Key Highlights
- Dash price succeeded in trading higher as it spiked above a major resistance area.
- Our buying dips view paid off, and initial target was achieved which was 0.0130BTC.
- 100 hourly simple moving average was breached, which might now act as a support if the price corrects lower from the current levels.
Dash price finally moved higher, as buyers managed to clear an important channel resistance area recently.
We highlighted in yesterday’s analysis a descending channel, which was supposed to act as a catalyst in the near term. There was a break noted, as the price spiked higher and settled above the channel resistance trend line. The best part is the fact that the price moved above the 100 hourly simple moving average. The upside was stalled around the 50% Fib retracement level of the last drop from 0.0136BTC to 0.0124BTC. It was our initial target, and if buyers remain in control, then the 61.8% Fib level could also be tested.
Looking ahead, if the price corrects lower from the current levels, the 100 hourly SMA might come in to protect losses. It is sitting around the broken channel upper trend line, which is a good sign and points towards the importance of the support area. Any further declines might push the price back towards the critical support area of 0.0125BTC.
On the upside, the next barrier is around the 61.8% Fib level. If there are more gains the price could easily spike towards the last swing high of 0.0136BTC. The hourly RSI is around the overbought levels, which means there is a chance of a correction in the near term.
Intraday Support Level – 0.0127BTC
Intraday Resistance Level – 0.0135BTC
In short, we can continue to look for corrections for buying opportunity.
Charts courtesy of Trading View