• Dash technical levels and indicators suggest a liftoff to $80 is in the offing.
  • On-chain metrics show that recovery will not be easy as intense seller congestion zones await DASH/USD.

Dash has held onto support at $65 since the beginning of September. However, recovery has not been forthcoming, with the resistance at $80 remaining intact. Buyers attempted to regain control of the trend in mid-October, but they seem to have lost the steam marginally above $75.

Meanwhile, DASH/USD is doddering at $71 while holding onto the 50-day Simple Moving Average (SMA). The Relative Strength Index (RSI) highlights the possibility of a sideways price action taking precedence in the near term.

On the other hand, if the 50-day SMA immediate support holds, confidence will likely increase in the bullish camp. More buy orders would also come into play, creating an optimum volume for gains above $75 and towards $80.

DASH/USD daily chart

DASH/USD price chart

It is essential to keep in mind the hurdles that could delay the breakout to $80—starting with the seller congestion at $75, the 200-day SMA and 100 SMA. For now, immediate support is provided at $70, while extended declines would seek refuge at $65.

A buy signal presented by the TD Sequential Indicator on the 12-hour chart adds credence to the bullish scenario. Simultaneously, DASH/USD is resting on the immediate support provided by the 100 SMA. Marginally below this level, the 50 SMA is in line to stop declines likely to sabotage the recovery. On the upside, the next target is the 200 SMA, which could catapult Dash past $80.

DASH/USD 12-hour chart

Dash price chart

Looking at the other side of the fence

It is worth mentioning that on-chain metrics are bearish on Dash despite technicals beings relatively positive. Particularly, IntoTheBlock’s IOMAP model pokes holes in the bullish narrative, shining a light on the intense resistance ahead of the crypto.

For instance, the most robust seller congestion lies between $73 and $74. Here, nearly 57,000 addresses previously bought around 520,000 DASH. According to the model, this hurdle and several others may hinder price action to $80.

On the downside, support is small compared to the gigantic resistance—the most significant running from $64 to $67. Here, approximately 46,000 addresses previously purchased roughly 312,000 DASH. In case this support is shattered, DASH/USD could embark on a spiral under $60.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP