DASH Technical Analysis: Sellers At 50-Day SMA Revert Bullish Trend
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DASH shows a bearish reversal from the 50-day SMA, resulting in a 1.75% price dump with a higher price rejection candle. Moreover, the increased selling pressure warns of a downtrend continuation to the $43 mark. So, should you expect a bullish reversal after retest, or is this reversal breaking under $43?
Key Points:
Source - TradingView
DASH Technical Analysis
The DASH price shows a resistance trendline breakout rally reversing from the 50-day SMA, with the pin bar candle accounting for a 1.75% jump. The bearish candle undermines the previous bullish candle of a 1.84% jump and breaks under the 20-day SMA.
The lack of volume supporting the bearish candle keeps the bullish hope alive and opposes the price action analysis. Nonetheless, if the DASH prices sustain below the 20-day SMA at $47, a downtrend to the $43 support level seems inevitable. Moreover, an increase in selling pressure at $43 can result in a dump to the psychological mark of $40.
On a bullish note, an uptrend continuation breaking above the 50-day SMA will generate a buying opportunity for sideline traders. Moreover, the uptrend can reach the overhead resistance of $52, accounting for a 10% jump.
Technical Indicators
The bullish crossing between the fast and slow lines gains spread as the bullish histograms rise. Furthermore, after passing above the 14-day average line, the daily-RSI slope maintains a diagonal upswing inside the virtually overbought zone. As a result, the technical indicators remain bullish on the DASH price's future trend.
Resistance levels- $50 and $52
Support levels- $43 and $40