Dash Price Technical Analysis – DASH/USD Breaks Key Levels

May 23, 2017

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Key Highlights

Dash price surged and settled above a major resistance at $100 against the US Dollar.
There was a break above a major bearish trend line at $98 on the hourly chart of DASH/USD (data feed from Poloniex), igniting upside move.
The price is currently correcting lower after trading as high as $136, and remains supported.

Dash price (DigitalCash) gained heavy bids against the US Dollar and Bitcoin. DASH/USD broke key resistance levels, and now positioned in the bullish zone.

Dash Price Support

In the last analysis, we discussed that if there is H4 close above $90, there can be more gains in Dash price against the US Dollar. The price did make an upside move, and broke the $90 level to establish an uptrend. To kick start the trend, it first cleared the 61.8% % Fib retracement level of the last decline from the $95 high to $79 low. Later, there was a break above a major bearish trend line at $98 on the hourly chart of DASH/USD.

All the mentioned breaks ignited a rally above $110, and the price was able to even clear $125. A new weekly high was formed near $136 before the price started a correction. The best part was a close above the 1.618 extension of the last decline from the $95 high to $79 low. During the recent downside move, the price found support just below the 50% Fib retracement level of the last wave from the $94 low to $136 high.

It has already started moving higher once again and currently positioned above $110. On the downside, the $105 and $100 levels are strong supports. As long as the price is above these, there can be an upside move back towards $135.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is reducing the current bearish slope.

Hourly RSI – The RSI for DASH/USD is above the 50 level, and moving higher.

Intraday Support Level – $105

Intraday Resistance Level – $135

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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