Dash Price Technical Analysis – DASH/USD Breaks Higher

April 13, 2017

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Key Highlights

Dash price finally made an upside move, and broke the $65 resistance against the US Dollar.
The last highlighted bearish trend line with resistance at $64 on the hourly chart of DASH/USD (data feed from Poloniex) was cleared.
The price is now above the 100 hourly simple moving average at $65, which is a positive sign.

Dash price (DigitalCash) managed to gain strength against the US Dollar, and now DASH/USD is trading in the positive zone above $65.

Dash Price Support

During the past few days, we saw Dash price struggle below the $70 level against the US Dollar. The price traded as low as $60 recently from where it started a correction. Earlier, it struggled to gain pace above $63, but later it managed to gain strength. There were a couple of important resistance breaks like $63 and $65. These breaks have opened the doors for more gains in the near term towards $72.75.

The most important move was above the last highlighted bearish trend line with resistance at $64 on the hourly chart of DASH/USD. Second, the price was above to break the 23.6% Fib retracement level of the last decline from the $78.80 high to $60.66 low. The last and the most crucial one was above 100 hourly simple moving average at $65. These all are positive signs, as the price already traded close to the $70 level.

At the moment, the 50% Fib retracement level of the last decline from the $78.80 high to $60.66 low is preventing gains. So, there is a chance of a minor dip in the short term towards $65-63. Once the dip completes the price may again move higher towards $72-75.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently moving away from the bullish zone.

Hourly RSI – The RSI for DASH/USD is now well above the 50 level.

Intraday Support Level – $63

Intraday Resistance Level – $70

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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