- Dash price rallied recently after forming support near the $80.00 level against the US Dollar.
- The price gained traction above the $85.00 and $88.00 resistance levels.
- There was a break above a contracting triangle with resistance at $83.00 on the 4-hours chart of the DASH/USD pair (data feed from Coinbase).
- The pair failed near the key $93.00 resistance and it is currently correcting lower.
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.
Technical indicators
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.