fxs_header_sponsor_anchor

Dash Market Update: DASH/USD spikes over 2% outperforming Bitcoin, Ethereum and Ripple on a daily basis

  • Dash price leads recovery among the top 20 cryptocurrencies gaining over 2% on the day.
  • DASH/USD breakout lags beneath the resistance at $70 but technical indicators suggest that gains above $80 are possible.

Dash is the biggest single-digit gainer on Friday during the Asian session. The digital asset is up 2.23% on the day and leads the intraday recovery in comparison to Bitcoin’s 0.08 percentage change, Ethereum’s 0.53 and Ripple’s 0.54. Other cryptocurrencies performing relatively well include Bitcoin Cash (up 1.16%), Bitcoin Gold (up 1.66%) and Litecoin (up 1.11%).

Dash price technical picture

DASH/USD recovery recently hit a wall at the 38.2% Fibonacci level taken between the last high at $144.58 to a low at $33.36. The rejection, however, found balance at 23.6% Fibo precisely at $60. For over a week, now Dash has been range-bound between the two Fibo levels.

The ongoing bullish action has stepped above the moving averages; where the 50 SMA and the 100 SMA in 4-hour range are in a position to function as support lines. DASH/USD is trading at $69.05; a break above $70 is required to pave the way for gains above $80 and allow the bulls to focus on higher levels at $100. The bullish action is supported by the RSI’s rise into the overbought region. Moreover, the Elliot Wave Oscillator shows that buyers are still in the driver seat.

DASH/USD 4-hour chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.