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Vikram
Feb 23, 2022
by Vikram

DASH Technical Analysis: Retracement Teases A Prolonged Uptrend

DASH

Table of contents

  1. Key technical points:
The DASH coin price might soon take off to test the resistance trendline and the 50-day EMA. Should you be bullish on the trendline breakout possibility? 

The DASH coin price shows the fallout of a double top pattern resulting in a downfall of more than 20% in the last week. The prices dive below the $100 mark and take support at $88. The bulls showcase a recovery of 7% the previous day, indicating a possible retracement to the resistance trendline. Will this retracement result in a trendline breakout?

Key technical points:

  • DASH coin price falls below the $100 mark.

  • The MACD and signal lines give a bearish crossover.

  • The 24-hour trading volume in the DASH token is $175 Million, indicating a 30% fall. 

    • Past Performance of DASH

    DASH coin price shows a downfall of 25% within five days as it fails to surpass the resistance confluence of the 50-day EMA and a long-coming descending trendline. The descent brings the double top breakout and creates multiple bearish candles ranging from $115 to $88. The recent recovery from the $88 horizontal level marks a 7% rise and hints of a prolonged retracement. 

    TradingView Chart

    DASH Technical Analysis 

    The bearish trend brings the DASH coin price back to $88 in less than three weeks as the bullish coup failed to push through the resistance trendline. Moreover, the price could not breach the previous consolidation range between $120-$150.

    The crucial 50, 100, and 200-day EMAs maintain a bearish alignment with a falling trend in the daily chart. Moreover, the constant rejection from the 50-day EMA has crushed multiple bullish attempts to overthrow the downtrend.

    The RSI Indicator projects a bullish divergence in the last two dips at the $88 horizontal level, indicating increased chances of a retracement to the resistance trendline. However, the RSI slope and the 14-day SMA are within the nearly oversold zone. 

    Due to the recent double top fallout, the MACD indicator shows a bearish crossover in the MACD and signal lines. However, the lines showcase a bearish divergence in the last two crossovers.  

    In a nutshell, the DASH technical analysis reflects a high possibility of a prolonged bullish retracement to the resistance trendline.

    Upcoming Trend

    The DASH coin price may find resistance near the psychological mark of $100 and the 50-day EMA at $115. However, in a bullish breakout, the uptrend can face opposition near $132. 

    The $88 and $80 can help halt the downtrend on the lower side. Therefore, traders can find bullish entry opportunities with stop loss below $88.

    Support Levels: $88 and $80

    Resistance Levels: $100 and $11

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    Dash DASH Token
    DASH Technical Analysis: Retracement Teases A Prolonged Uptrend
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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