DASH Technical Analysis: DASH Prices Stuck At $52, Desires Reversal
Table of contents
Key Technical Points:
Past Performance of DASH
The DASH price action shows a bullish failure to cross above the 100-day EMA, resulting in a retracement to the 50-day EMA close to the $50 mark. The downturn accounts for a 10% drop last week, with a spike in intraday trading volume reflecting a boom in selling pressure. Currently, the market prices sustain above the $52 mark and project the possibility of a bullish turnaround as a post-retest reversal.
Source - Tradingview
DASH Technical Analysis
The DASH price action reflects an increase in the higher price rejection in the daily candles, evident by the long wick formation. Hence the price action analysis sustains a bearish viewpoint for the upcoming price trend. As the market price has holidays between the 50 and 100-day EMAs, traders can expect a breakout entry shortly.
The daily RSI slope displays a slight reversal from the halfway line in the nearly overbought zone, projecting a bullish retribution phase. Moreover, the MACD indicator shows a downtrend continuation in the fast and slow lines as the selling pressure increases, evident by the bearish histograms. Hence, the technical indicators support the bearish price action analysis.
In a nutshell, the DASH Technical Analysis displays a high possibility of a price drop below the 50-day EMA.
Upcoming Trend
DASH prices will hit the overhead resistance at $65 if it sustains above the 50-day EMA. However, a bearish breakout will result in a drop below $50, taking support at the $41 mark.
Resistance Levels: $60 and $65
Support Levels: $52 and $41