Dash Price Technical Analysis – DASH/USD Remains Supported

Key Highlights

• Dash price continued to trade in a range and also above the $77 support area against the US Dollar.
• There is a major connecting bullish trend line with support at $77.50 formed on the hourly chart of DASH/USD (data feed from Poloniex).
• The price is also supported above the 100 hourly simple moving average at $77.80.

Dash price (DigitalCash) is mostly ranging in a pattern against the US Dollar, but it is also well supported above the $77-76 levels.

Dash Price Range Pattern

In the last analysis, we saw how there was a minor decline in Dash price towards $73 against the US Dollar. Later, the price recovered and moved above the $75 resistance area. It has now formed a major range pattern with support at $74 and resistance at $79. Recently, the price traded close to the $79 level, found sellers and struggled to move higher.

Now, the price is currently correcting lower towards the range support. An initial support is around the 23.6% Fib retracement level of the last wave from the $73.10 low to $78.94 high. Below, the 23.6% Fib level is the 100 hourly simple moving average at $77.80. The stated $77.80 level is important considering the fact that the $77 pivot is below it. Also, there is a major connecting bullish trend line with support at $77.50 formed on the hourly chart of DASH/USD.

So, we can say that there is a crucial support area formed at $77. A break below it may call for a move towards the 50% Fib retracement level of the last wave from the $73.10 low to $78.94 high. Overall, Dash remains buy on dips near $77 and $75 levels in the short term.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD is above the 50 level, but with no major momentum.

Intraday Support Level – $77

Intraday Resistance Level – $79.80

 

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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