Dash Price Technical Analysis – DASH/USD Tuned Bullish

May 30, 2017

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Key Highlights

Dash price after a slide below the $80 support against the US Dollar found buyers and recovered well.
The DASH/USD pair recently broke a major bearish trend line at $105 on the hourly chart (data feed from Poloniex).
The price is now above the $100 resistance and the 100 hourly simple moving average, which is a positive sign.

Dash price (DigitalCash) declined heavily against the US Dollar and Bitcoin on the weekend, but now DASH/USD is trading above $100 in the bullish zone.

Dash Price Upside Break

It was a nasty ride for Dash price, as it tumbled by around $50 against the US Dollar. It traded from the $150 swing high to well below the $100 level before finding support at $74. The decline was such that the price even broke the 1.236 extension of the last wave from the $95 low to $150 high. Later, the price managed to hold losses below $70 and started an upside move.

The upside move was decent, as the price was able to break the 23.6% Fib retracement level of the last decline from the $150 high to $74 low. Later, the price gained traction, and moved above the $100 resistance and the 100 hourly simple moving average. Furthermore, the DASH/USD pair recently broke a major bearish trend line at $105 on the hourly chart. The last important break was above the 50% Fib retracement level of the last decline from the $150 high to $74 low.

The price has moved in the bullish zone above $100 and may continue to move higher. Any dips from the current levels may find support near $100 and the 100 hourly simple moving average.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD is heading lower, but well above the 50 level.

Intraday Support Level – $105

Intraday Resistance Level – $120

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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