- Dash price found support near a major support area of 0.0110BTC and traded higher.
- There was a bearish trend line as highlighted yesterday, and was breached by buyers.
- The price is struggling to clear the 100 hourly simple moving average just below 0.0120BTC.
Dash price broke a major hurdle for gains, and it looks like there are chances of more upsides moving ahead.
We stated recently that the price settled below the 100 hourly simple moving average, which is a bearish sign. However, buyers managed to clear a major bearish trend line on the hourly chart to set the pace for more gains. They need to take the price above the 100 hourly SMA before it sets up for an upside move. There is a monster resistance waiting around 0.0120BTC to act as a barrier for more gains. The stated level represents a monster pivot, and also coincides with the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0110BTC.
So, if the price reaches 0.0120BTC, sellers might appear to prevent any additional gains. A break above it could push the price towards the 38.2% Fib level. All major indicators are signaling more strength in the Dash price. We need to see how it trades from here and whether the 100 SMA is cleared or not.
On the downside, the broken trend line might act as a support now, which is also sitting just around the Middle Bollinger Band. Any further downsides may perhaps call for a retest of 0.0110BTC where buyers could defend losses. Overall, the chance of the price moving higher is more compared with a move lower.
Intraday Support Level – 0.0112BTC
Intraday Resistance Level – 0.0120TC
The hourly RSI and MACD have moved in the bullish area, highlighting the buyer’s strength.
Charts courtesy of Trading View