- Dash price after a decline towards the $78 level against the US Dollar found support and started a recovery.
- The DASH/USD pair is currently attempting to settle above a major bearish trend line at $90 on the hourly chart (data feed from Poloniex).
- The price is now above the 100 hourly simple moving average at $91, which is a positive sign.
Dash price (DigitalCash) after struggling to gain momentum against the US Dollar and Bitcoin found support, and now DASH/USD is attempting a crucial break.
Dash Price Upside Break
In the last analysis, we witnessed a major decline in Dash price towards the $80 handle against the US Dollar. The price traded as low as $78.638 where buyers managed to protect further declines. Later, the price started recovering, but faced continuous offers near $88-90 and the 100 hourly simple moving average. Similarly, on the downside, the $85 support acted as a strong barrier for sellers.
As a result, the price finally made a decent upside move above $88. The price comfortably placed above the 23.6% Fib retracement level of the last decline from the $116.25 high to $78.63 low. Recently, there was a break above a major bearish trend line at $90 on the hourly chart of DASH/USD. The pair even moved above the 100 hourly simple moving average at $91.
However, the pair is struggling to close above the 38.2% Fib retracement level of the last decline from the $116.25 high to $78.63 low. At the moment, there is a minor decline, and the price is retesting $90 and the broken trend line. In my view, if the 100 hourly simple moving average and $90 hold, the price may rise further.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD has just moved in the bullish zone.
Hourly RSI – The RSI for DASH/USD is moving lower, but still above the 50 level.
Intraday Support Level – $90
Intraday Resistance Level – $95
Charts from Poloniex; hosted by Trading View
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