- Dash price recovered a lot and traded above the $166 resistance versus the US Dollar.
- There was a bearish trend line formed with resistance at $160 on the hourly chart of DASH/USD (data feed from Poloniex), which was broken recently.
- The price is currently correcting lower, but most likely to find support near the $160-165 levels.
Dash price (DigitalCash) is back in the bullish zone against the US Dollar and Bitcoin, and any dips in DASH/USD remains a good buy in the short term.
Dash Price Support
There were good moves in Dash price since it moved above the $160 resistance against the US Dollar. A good upside wave was initiated from the $138 swing low and the price surged higher. During the upside move, the price broke many resistances, including $150 and $160. It also broke the 50% Fib retracement level of the last decline from the $192 high to $138 low. It opened the doors for more gains above $165.
Moreover, the price closed above a major hurdle near $165. There was also a break above a bearish trend line with resistance at $160 on the hourly chart of DASH/USD. The price even spiked above the 61.8% Fib retracement level of the last decline from the $192 high to $138 low to trade as high as $183. At the moment, the price is correcting lower from the $183 high and trading towards $170-165. An initial support is near the 23.6% Fib retracement level of the last leg from the $138 low to $183 high.
However, the most important support is near $168, which also coincides with the 100 hourly simple moving average. Buying dips remain a good deal in the short term towards $165.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently flat.
Hourly RSI – The RSI for DASH/USD is above the 50 level and heading lower.
Intraday Support Level – $165
Intraday Resistance Level – $183
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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