Dash Price Technical Analysis – DASH/USD To Test $150?

Key Highlights

• Dash price started a nice upside move after forming a base near $100 against the US Dollar.
• The DASH/USD pair is currently following an ascending channel with support at $124 on the hourly chart (data feed from Poloniex).
• A break above the $140 level might call for further gains towards the $150 resistance.

Dash price (DigitalCash) after consolidating spiked higher against the US Dollar and Bitcoin, and now DASH/USD is eyeing for a move towards the $150 level.

Dash Price Uptrend Intact

In the last analysis, we saw start of an uptrend above $100 in Dash price against the US Dollar. The upside move was strong, as the price was able to settle above the $115 and $120 resistance levels. Later, there was a break above the 61.8% Fib retracement level of the last decline from the $151 high to $74 low. It has opened the doors for more gains towards $150.

The price is now comfortably placed above the $120 support and the 100 hourly simple moving average. Also, there is an important ascending channel with support at $124 on the hourly chart. At the moment, the pair is testing the channel resistance at $140. A break above the $140 level might call for further gains towards the $150 resistance.

On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $110.00 low to $140.70 high. However, the most important support is near the channel trend line at $124-22. It also coincides with the 50% Fib retracement level of the last wave from the $110.00 low to $140.70 high. So, the overall trend is bullish with chances of a break towards $150, and dips remains supported.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD is currently just below the overbought levels.

Intraday Support Level – $125

Intraday Resistance Level – $140

 

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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