- Dash price started an upside move from the $155 low versus the US Dollar, and moved higher.
- There is a decent bullish trend line formed with support at $177 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is currently attempting to break a major resistance area near $184-185.
Dash price (DigitalCash) is trading with a positive bias against the US Dollar and Bitcoin, and now DASH/USD needs to break $185 for further gains.
Dash Price Rise
It looks like Dash price gained solid bids near $155-160 area against the US Dollar. As a result, there was an upside move, and the price was able to climb above $170. During the upside move, there was a break above the $172 resistance and the 100 hourly simple moving average. At the moment, the price is trading near a major resistance at $184-185.
The $185 resistance stopped the upside move on a few occasions, so it won’t be easy for DASH to clear it. Once there is a break above $185, there can be an upside move towards $195-200. On the downside, there is a decent bullish trend line formed with support at $177 on the hourly chart of DASH/USD. The trend line also coincides with the 23.6% Fib retracement level of the last wave from the $156 low to $184 high.
A break and close below the trend line support could ignite a correction towards $173. However, the most important support is near the 50% Fib retracement level of the last wave from the $156 low to $184 high at $170. The $170 support is also aligned with the 100 hourly simple moving average. Buying with a break above $185 can be considered with a tight stop below the trend line support.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is mostly neutral.
Hourly RSI – The RSI for DASH/USD is well above the 50 level.
Intraday Support Level – $177
Intraday Resistance Level – $185
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.
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