- Dash price is once again trading near a major resistance area at $200 versus the US Dollar.
- There are two important bullish trend lines with supports as $195 and $180 forming on the hourly chart of DASH/USD (data feed from Poloniex).
- There is a high chance that the pair may break and settle above the $200 resistance soon.
Dash price (DigitalCash) is gaining momentum against the US Dollar and Bitcoin, and it looks like DASH/USD may soon settle above the $200 resistance.
Dash Price Trend Line Supports
In the last analysis, we saw how there were failure near $200 and a decline in Dash price against the US Dollar. Later, the price started a recovery and was able to move above the $160 resistance. The upside move was nice, as there was a break above the 50% Fib retracement level of the last decline from the $196 high to $138 low at $170. It has opened the doors for more gains above the $195 level.
At the moment, the price is trading near a monster resistance of $198-200. It acted as a major hurdle earlier for buyers and prevented gains above $200-205. Now, there is a real chance that the pair may break and settle above the $200 resistance soon. The momentum is clearly with buyers with supports on the downside at $190 and $180. There are also two important bullish trend lines with supports as $195 and $180 forming on the hourly chart of DASH/USD.
If the price corrects lower from the current levels, it may find support near $195 or $192. The $192 support also coincides with the 26.6% Fib retracement level of the last wave from the $163 low to $200 high. Buying dips favored for a break above $200.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is moving higher in the bullish zone.
Hourly RSI – The RSI for DASH/USD is moving nicely around the 60 level.
Intraday Support Level – $190
Intraday Resistance Level – $200
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.