Monday, October 19Your Daily Bitcoin & Altcoin News Portal

Dash Price Technical Analysis: Regains $150 Mark

Dash price has started a correction against the US Dollar and Bitcoin, and now DASH/USD has to settle above $150 for more gains.

The Status:

  • 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.

Technical Aspect

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

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. BitcoinMine does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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Source: NewsBTC

Charts courtesy of SimpleFX

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