DASH Technical Analysis: As $100 Barrier Falls Bulls Find An Opening
Dash is an open-source cryptocurrency and blockchain designed to provide a quick and affordable global payment network that is decentralized in the sense that it is not centralized. According to its white paper, it is aiming to enhance Bitcoin (BTC) in offering greater privacy and quicker transactions.
Let us move ahead to read about DASH technical analysis.
Past Performance of DASH
The DASH coin price shows the breakout of a consolidation range between the $88 and $100 marks. The price jump of 30% in the past week resulted in the formation of multiple bullish candles approaching the 50-day SMA. The bullish rally recovers 50% of the downfall experienced from the $150 to $80 mark.
DASH Technical Analysis
The DASH coin price action gives a double bottom breakout to rise above the accumulation range in the daily chart. Moreover, the breakout of the $100 psychological barrier increases the bullish attention for the token.
The crucial Simple Moving Averages show a bearish alignment as the rally challenges the 50-day SMA to reverse the bearish trend. However, the breakout of the 50-day SMA can fuel the rally to reach the 200-day average.
The RSI indicator shows a phenomenal rise in buying pressure as the slope surpasses the 50% mark to enter the nearly overbought zone. Moreover, the 14-day SMA shows a sharp reversal from the oversold territory.
The DMI indicator shows a bullish crossover in the DI lines representing a trend reversal and increasing the chances of a 50-day SMA breakout. However, the lack of momentum evident by the fall in ADX questions the bullish continuation.
In a nutshell, the technical indicators showcase a sudden surge in demand for the DASH coin.
Upcoming Trend
The DASH coin price action shows an amazing bullish recovery but remains 72% below its all-time high near $450. However, strong believers of the Dash ecosystem can find this as an excellent buying opportunity.
The price action shows crucial support levels present at the $100 and $88 mark below the $113 level. On the opposite end, the coin price may find resistance near the $135 and $150 mark above the 50-day SMA.
At press time, TradingView keeps a 'NEUTRAL' sentiment.