DASH Technical Analysis: Will The Market Value Sustain Above $60?

Key technical points:

Past Performance of DASH

DASH prices kept facing dynamic resistance from the 100 DMA resulting in the downfall from $115 to $50 within two weeks accounting for a 50% fall. The bullish support at $50 cushions the downtrend and starts a sideways shift forming a consolidation range with overhead resistance at $60. However, the recent recovery in the overall market helps buyers resurface to crack the $60 barrier.

Source- Tradingview

DASH Technical Analysis 

Currently, the daily candle shows a higher price rejection and yesterday’s hammer candle warns against an evening star candle formation. If successful, the bearish pattern will put the trend back within consolidation marking a bullish fakeout. The Daily Moving Averages – 20, 100, and 200-days maintain a bearish alignment and showcase a falling trend. However, the trendline breakout rally surpasses the 20 DMA and projects a likelihood of approaching the 50 DMA.

The RSI indicator displays a significant increase in the bullishness of the underlying trend as the slope rises above the 14-day average and reaches the halfway mark. However, the slope faces opposition at the midline resulting in a rounding reversal and teasing a fall to the 14-day average line. Additionally, the MACD indicator displays a rising trend in the histograms after the short resting phase fueling the uptrend in the MACD and signal lines approaching the zero line. Therefore, DASH technical analysis displays the DASH prices at a needle’s point, with the potential for either side to burst.

Upcoming Trend

If the DASH price undermines the sellers at the $60 resistance level, we might see the price jump to the psychological barrier at $100 if the uptrend surpasses $80. However, a failure to withstand the selling pressure might lead to a reversal to $50.

Resistance Levels: $80 and $100

Support Levels: $60 and $50