- Dash price after trading towards the $60 handle against the US Dollar found support and traded higher.
- There is a nice ascending channel pattern with support at $76 formed on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is also well supported above the 100 hourly simple moving average at $75.
Dash price (DigitalCash) has managed to gain traction against the US Dollar, and now DASH/USD is well-supported above the $70 level.
Dash Price Rise
There was a continuous decline in Dash price, as it traded towards $60 against the US Dollar before finding support. The price traded as low as $60.20 where it found support and started recovering. The upside move was decent, as the price was able to clear the $70 resistance. There was also a move above the 1.236 extension of the last decline from the $71 high to $60.20 low. It opened the doors for more gains, and the price moved above $72 and $75.
The upside move was such that the price traded as high as $80.66 where it faced resistance and moved down. It traded towards the 23.6% Fib retracement level of the last wave from the $60.20 low to $80.66 high where it found support. There is also a nice ascending channel pattern with support at $76 formed on the hourly chart of DASH/USD. It is acting as a support along with the 100 hourly simple moving average at $75.
So, as long as the price remains inside the highlighted channel with support above $72, there can be more gains. On the upside, the $80 level remains a major resistance for more gains in the near term.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently in the bullish zone.
Hourly RSI – The RSI for DASH/USD is well above the 50 level.
Intraday Support Level – $72
Intraday Resistance Level – $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.