- Dash price continued to move higher and looks set for more gains in the near term.
- As highlighted yesterday there is a flag pattern formed on the hourly chart, which is still in play and the price is moving inside it.
- A major hurdle around 0.0120BTC continue to stall the upside move, and must be cleared for more gains.
Dash price continued to move inside the flag pattern as buyers remained in control in the short term.
We highlighted yesterday a flag pattern forming on the hourly chart, which continued to act as a catalyst for buyers. There is a nice upside wave in formation, as the 100 hourly simple moving average is below the current price. It means the price remains supported and there are chances of more gains in the near term. However, there is a monster barrier forming on the upside around 0.0120BTC as stated in yesterday’s post. The mentioned level also coincides with the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0111BTC.
Moreover, it also represents the previous swing area, and might act as a major hurdle for buyers. If there is a break above the flag resistance area, then the price might head towards the 38.2% Fib retracement level. The chances of any additional gains are limited considering the current price action.
On the downside, the flag pattern support area might play a crucial role, and buyers must protect it if they want to take the price higher. A break below the same might take the price towards the 100 SMA, followed by the last swing low of 0.0111BTC.
Intraday Support Level – 0.0114BTC
Intraday Resistance Level – 0.0120TC
The hourly RSI and MACD still in the positive zone and suggesting more gains in the short term.
Charts courtesy of Trading View