Dash has bottomed and it's turning bullish as expected [Video]

Gregor Horvat Wavetraders

Crypto market is in a massive rally, which is not a surprise, as we were expecting big moves, because Dash a.k.a. Digital Cash with ticker DSHUSD was forming an ending diagonal (wedge) pattern for the last year. On August 05 we actually spotted final stages of wave 5 of the wedge pattern within wave (C) on a daily chart, where we mentioned and highlighted that a strong bullish reversal may show up.

DSH/USD daily chart from August 05 2024

As you can see today after 4 months, DSHUSD bounced perfectly as expected and it's now sharply and impulsively recovering on a daily chart, out of a projected wedge pattern and back above important 44 level. So, with current ALTcoin dominance and ALTseason, bottom is most likely in place and we should be aware of more gains within a projected wave 3 of a five-wave bullish cycle, ideally back above 77 bullish confirmation level, just be aware of wave 4 correction before the uptrend for wave 5 resumes.

DSH/USD daily chart from December 03 2024

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks