Dash price has started a correction against the US Dollar and Bitcoin, and now DASH/USD has to settle above $150 for more gains.
- Dash price after heavy declines towards $120.00 versus the US Dollar found support and moved higher.
- There was a break above a key bearish trend line with resistance at $134 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is currently trading near a major resistance area at $150, which is acting as a pivot.
Recently, we saw heavy declines in Dash price below $140 against the US Dollar, as it followed cryptos like BTC and ETH. The price traded as low as $120.04, which acted as a strong support for Dash and a recovery was initiated. The price recovered well and managed to move above the 23.6% Fib retracement level of the last decline from the $180.00 high to $120.04 low.
The most important move was a break above a key bearish trend line with resistance at $134 on the hourly chart of DASH/USD. The price followed an ascending channel with current support at $146 on the same chart. On the upside, the price is facing a major hurdle near $150.00. It was a support earlier, and now stopping gains along with the 50% Fib retracement level of the last decline from the $180.00 high to $120.04 low. Moreover, the 100 hourly simple moving average is also positioned around $148-150.
All in all, it has come down to a close above $150.00 in Dash. If buyers succeed in taking the price above $150.00 with an hourly close, there can be more gains in the short term.
Hourly MACD – The MACD for DASH/USD is currently in the bullish zone.
Hourly RSI – The RSI for DASH/USD is now above the 50 level, and positioned well.
Intraday Support Level – $140
Intraday Resistance Level – $157
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Charts courtesy of SimpleFX