DASH price surged higher and broke key hurdles against the US Dollar and bitcoin. It is currently correcting lower, but remains supported above the $84.00 and $85.00 levels.
DASH Price Analysis
Recently, there were mostly range moves in bitcoin, ripple, Ethereum, bitcoin cash, litecoin and other major cryptocurrencies against the US Dollar. However, DASH gained traction after forming a solid support base near the $75.00 and $78.00 levels. It rallied above the $80.00 resistance and the 55 simple moving average (4-hours). There was even a close above the $82.00 resistance to start a decent uptrend.
During the rise, there was a break above a contracting triangle with resistance at $83.00 on the 4-hours chart of the DASH/USD pair. The pair surged above the $85.00 and $88.00 resistance levels. Finally, there was a break above the $90.00 barrier, but the price faced a strong resistance near $93.00. The stated $93.00 resistance prevented gains in Feb 2019 as well. Therefore, there is a chance of a double top pattern near the $93.00 level. The price recently declined below the 23.6% Fib retracement level of the last wave from the $78.98 low to $92.88 high.
However, there is a strong support area formed near the $84.00 and $85.00 levels. The 50% Fib retracement level of the last wave from the $78.98 low to $92.88 high is an immediate support at $85.93. The main support is near the previous resistance at $84.00. As long as the price is above the $84.00 support, it could bounce back, with the invalidation of the double top pattern. On the upside, an initial resistance is at $90.00, followed by $93.00. A proper break above the $93.00 level could open the doors for a test of $100.00.
Looking at the chart, DASH price is clearly trading in a positive zone above the $84.00 and $85.00 supports. If the price fails to stay above the $84.00 support, there are chances of a double top pattern. In the mentioned case, the price could decline to $75.00 or even $72.00.
4 hours MACD – The MACD for DASH/USD is slowly reducing its bullish slope, with a negative bias.
4 hours RSI (Relative Strength Index) – The RSI for DASH/USD is correcting lower towards the 50 level.
Key Support Levels – $85.00 and $84.00.
Key Resistance Levels – $90.00 and $93.00.
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