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Vikram
Jul 8, 2022
by Vikram

DASH Technical Analysis: Will Reversal Rally Push Prices Above $50?

DASH Technical Analysis

Table of contents

  1. Past Performance of DASH
  2. DASH Technical Analysis 
  3. Upcoming Trend
DASH price showcases a  double bottom pattern forming within a consolidation range with an intent to give a bullish breakout.

Key technical points: 

  • DASH prices have jumped by 1.18% in the last 24 hours.

  • The price action shows a double bottom reversal attempt in the daily chart.

  • The 24-hour trading volume of DASH is $92 Million, indicating a rise of 30%.

    • Past Performance of DASH

    The mid-June recovery rally surged the DASH/USDT Pair resulting in a hit to the $53 mark. However, subsequent downfall nullified these gains as they plunged back to the bottom support of $40. This support level managed to stall any further decline indicating the traders are actively accumulating this support. As a result,  the altcoin rebound from this support and appreciated sharply in the last five days.

    Source- Tradingview

    DASH Technical Analysis 

    The DASH price technical chart represents the above consolidation as a double bottom pattern. This bullish reversal pattern should accelerate the buying momentum and assist buyers to carry a genuine recovery rally. The coin price currently trades at $45.77, nearing the pattern's neckline resistance of $53. The MACD indicator showcases a slow yet steady rally towards the neutral zone, indicating a gradual rise in underlying bullishness. The potential crossover may offer an extra edge in buyers' favor.

    The RSI indicator shows a stepper rally in comparison to price action, suggesting aggressive buying from traders. Moreover, the indicator slope may soon jump above the midline, reflecting a positive switch in traders' sentiment. In short, the DASH technical analysis highlights the increased possibility of a bullish breakout to surpass the psychological mark of $50.

    Upcoming Trend

    If the DASH prices breach the overhead resistance, the buyer may push the recovery higher to the $53 mark, followed by $60. On a contrary note, a possible reversal from this resistance, would undermine the bullish pattern and resume a range-bound rally. If the theory turns true, the coin price may retest the $38 support.

    Resistance Levels:  $53 and $60

    Support Levels:$45 and $40

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    DASH Technical Analysis: Will Reversal Rally Push Prices Above $50?
    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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