- Dash price after a monster decline towards $150 versus the US Dollar found support and started a recovery.
- There was a break above a major bearish trend line with resistance at $178 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is currently trading just around a crucial resistance area at $180.
Dash price (DigitalCash) recovered well after losses against the US Dollar and Bitcoin, and now DASH/USD is testing a major resistance area at $180.
Dash Price Upside Hurdle
Recently, there was a solid increase in bearish pressure on Dash price and it moved below the $160 level against the US Dollar. The price traded as low as $148.95 where it found bids and started a recovery. The upside move was decent as the price was able to break the $160-165 resistance area. It also cleared the 38.2% Fib retracement level of the last decline from the $210 high to $148 low. It opened the doors for more gains and the price was able to settle above $170.
During the upside, there was a break above a major bearish trend line with resistance at $178 on the hourly chart of DASH/USD. However, the price is currently struggling to clear the $180 barrier. It also represents the 50% Fib retracement level of the last decline from the $210 high to $148 low. Furthermore, the 100 hourly simple moving average is also just above $180.
Clearly, the $180 level is a major resistance, and it won’t be easy for buyers to push the price towards $200. On the other hand, the recent break was encouraging, which means the price is supported on the downside near $170. So, it might break $180 sooner or later.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently neutral with no major signal.
Hourly RSI – The RSI for DASH/USD is heading higher above the 50 level.
Intraday Support Level – $170
Intraday Resistance Level – $180
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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