Dash Market Update: DASH/USD outperforms major cryptocurrencies, eyes glued on $100
|- Dash price recent rejection from levels slightly above $80 finds support at the $70 level.
- The RSI’s ranging at 55 suggests that consolidation is in the picture before a breakout above $80 and targeting $100.
Dash is in a bullish phase on Wednesday during the Asian hours. Although the gains it has accrued in the day are subtle, they remain significant in comparison to other major cryptocurrencies such as Bitcoin, Ethereum and Ripple. In other words, Dash is trading $73.15 after a 1.31% gain on the day. It has adjusted upwards from $72.20 (opening value) amid the expanding volatility.
As per the 4-hour chart, DASH/USD recently slipped under the ascending trendline support. It is currently seeking support above the 50-day SMA. Next in line to offer support is the $70 level. In case of an extended reversal, Dash will seek refuge at the 23.6% Fibonacci retracement level support taken between the last swing high at $145 a swing low at $33.62.
In the meantime, the RSI is currently moving sideways at 55 after a retreat from 62 when the price hit levels marginally above $80. This shows that sideways trading or otherwise consolidation is expected above $70 ahead of the next breakout above $80. Since the bulls already tested the levels above $80 last week, a spike of the same magnitude could easily catapult Dash towards $100.
However, bulls should not be very confident as selling pressure has not been entirely ousted. The Elliot Wave Oscillator is continuing with a recently started bearish session. In other words, the bears’ grip cannot be underestimated in the coming sessions.
DASH/USD daily chart
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