Dash Price Technical Analysis – DASH/USD Attempts Crucial Break

Key Highlights

• Dash price after a decline towards the $78 level against the US Dollar found support and started a recovery.
• The DASH/USD pair is currently attempting to settle above a major bearish trend line at $90 on the hourly chart (data feed from Poloniex).
• The price is now above the 100 hourly simple moving average at $91, which is a positive sign.

Dash price (DigitalCash) after struggling to gain momentum against the US Dollar and Bitcoin found support, and now DASH/USD is attempting a crucial break.

Dash Price Upside Break

In the last analysis, we witnessed a major decline in Dash price towards the $80 handle against the US Dollar. The price traded as low as $78.638 where buyers managed to protect further declines. Later, the price started recovering, but faced continuous offers near $88-90 and the 100 hourly simple moving average. Similarly, on the downside, the $85 support acted as a strong barrier for sellers.

As a result, the price finally made a decent upside move above $88. The price comfortably placed above the 23.6% Fib retracement level of the last decline from the $116.25 high to $78.63 low. Recently, there was a break above a major bearish trend line at $90 on the hourly chart of DASH/USD. The pair even moved above the 100 hourly simple moving average at $91.

However, the pair is struggling to close above the 38.2% Fib retracement level of the last decline from the $116.25 high to $78.63 low. At the moment, there is a minor decline, and the price is retesting $90 and the broken trend line. In my view, if the 100 hourly simple moving average and $90 hold, the price may rise further.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD has just moved in the bullish zone.

Hourly RSI – The RSI for DASH/USD is moving lower, but still above the 50 level.

Intraday Support Level – $90

Intraday Resistance Level – $95

Charts from Poloniex; hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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