- Dash price surged higher and cleared every possible hurdle on the way up.
- An important triangle pattern formed on the hourly chart, which is likely to act as a catalyst moving ahead.
- 100 hourly simple moving average is acting as support in the short term.
Dash price reversed as anticipated in yesterday’s post, and climbed above 0.0121BTC to trade near 0.0125BTC.
Which way it can break?
Yesterday, we highlighted that there are chances of a reversal as there was a divergence noted on the hourly MACD. The price moved higher, but found resistance around a crucial level at 0.0125BTC. Sellers reacted around the mentioned resistance area and pushed the price lower. Currently, there is a contracting triangle formed on the hourly chart, which is acting as a support and resistance at the same time.
Currently, the price is around a critical support area at the 100 hourly simple moving average, i.e. also aligned with the triangle support area. So, there a major barrier formed around 0.0119BTC-0.0120BTC. We also stated the importance of the stated support area. However, there are many technical indicators, suggesting that there is a risk of a break lower as a well. The hourly