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Dash price rallied recently and broke the $73.00 and $80.00 resistance levels against the US Dollar. DASH/USD is placed nicely in an uptrend and it could retest $90.00 or even $95.00.
Key Talking Points
- Dash price started a nasty upward move after it broke the $74.00 resistance (data feed by Kraken) against the US Dollar.
- There was a break above a consolidation pattern with resistance at $74.00 on the 4-hour chart of DASH/USD.
- The price is now placed well above the $80.00 level, with chances of more gains towards $88.00-90.00.
DASH Price Chart Analysis
Recently, there was a solid support base formed near the $65.00 level in DASH price against the US Dollar. Buyers gained control and they were able to push the price above the $70.00 and $75.00 resistance levels.
Looking at the chart, DASH price started a convincing uptrend above the $75.00 resistance and the 100 simple moving average (4-hours). During the climb, there was break above a major bearish trend line at $67.80 and the $74.00 pivot level.
More importantly, there was a break above the 61.8% Fib retracement level of the last decline from the $87.45 high to $64.34 low. Besides, there was a break above a consolidation pattern with resistance at $74.00 on the 4-hour chart.
The price gained traction and moved above the $80.00 resistance. At the moment, the price is trading near the 76.4% Fib retracement level of the last decline from the $87.45 high to $64.34 low.
Should buyers push the price above the $82.00 resistance, there could be further gains towards the $86.00, $88.00 and $90.00 resistance levels. Any further gains could lift the price towards the $95.00 resistance levels in the near term.
On the other hand, if there is a downside correction in DASH price, buyers are likely to protect losses near the $80.00 and $78.00 support levels. The main support is near the $74.00 level, which was a resistance earlier. Overall, the current price action is positive, and the recent bullish moves in litecoin, bitcoin, ripple, Ethereum, binance coin could help other altcoins as well.
The market data is provided by TradingView.
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