- Dash price surged higher recently and broke many resistances like $80 and $90 against the US Dollar.
- There is a now connecting bearish trend line with resistance at $101 formed on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is likely to move higher once again, but it can also face sellers near the $100-105 levels.
Dash price (DigitalCash) jumped higher recently against the US Dollar and Bitcoin, and now DASH/USD is looking to extend gains in the near term.
Dash Price Upside Surge
In the last analysis, I mentioned that there is a chance of Dash price gaining strength above $80 against the US Dollar. The price did move higher, and gained a lot of pace to break many resistances like $80 and $90. The price also moved above the 1.236 extension of the last decline from the $88.00 high to $73.10 low. It opened the doors for more gains and took the price above the $100 level.
The price traded close to the $107 level, and later started a correction. The price corrected lower towards $90 where it found support once again. It is currently moving higher and already above the 23.6% Fib retracement level of the last decline from the $107 high to $90 low. It may continue to trade higher towards $100. On the upside, a connecting bearish trend line with resistance at $101 formed on the hourly chart of DASH/USD is waiting.
The trend line along with the 50% Fib retracement level of the last decline from the $107 high to $90 low may act as a resistance. However, the overall trend is bullish with chances of more gains in the near term.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for DASH/USD is heading higher towards the 50 level.
Intraday Support Level – $90
Intraday Resistance Level – $100
Charts from Poloniex; hosted by Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.