Home Analysis Falling Wedge Breakout Prompts DASH Price Above Key Resistance

Falling Wedge Breakout Prompts DASH Price Above Key Resistance

  • The price of bitcoin was trading tight in July with low volatility,  however, August brings volatility back to bitcoin.
  • Dash (DASH) rose, and at press time, was holding a position above $97, giving impetus to the rest of the market.
  • Dash has been the market’s best-performing cryptocurrency following its surge by over 30% on the charts.

The Cryptocurrency market, off late, has been abuzz.  After black Thursday’s crash, the market has shown signs of rebound slowly until the start of Q3. While Q3 saw altcoins witnessing major gains, the volatility was missing. The price of bitcoin was trading tight in July with low volatility,  however, August brings volatility back to bitcoin. As Bitcoin’s price started to move upwards, the majority of cryptos accompanied its direction due to their high correlation with BTC. However, there were some alts like DASH, which climbed exponentially, irrespective of Bitcoin’s mounting that followed later.

Dash (DASH) rose, and at press time, was holding a position above $97, giving impetus to the rest of the market. Dash is currently trading at $98.98 and has a market cap of $954 million. The coin’s surge has been annulled in the last 24 hours,  however, with the approach Dash is set up, the price might break the $100 level or head lower. Last time Dash surged this exponentially was in February 2018, however, the correction came after hitting a temporal peak in February. As of March 2019, the price crashed by 68%. Now with the price rise, it shows that there has been a lack of healthy correction.

Dash is the foremost privacy coin, ranked at 23rd positions on charts, at the time of writing. However, notwithstanding its position on the charts, it should be recorded that DASH has been on an uptrend. Over the past week, Dash has been the market’s best-performing cryptocurrency following its surge by over 30% on the charts.

Dash Price Analysis

Source: TradingView

Its technical indicators underlined the scale of this bullish surge. Dash managed to break the multiyear descending trend line as volume starts flowing in it. This move appears to be far more sustainable than those seen previously, and analysts are widely expecting it to see the further upside, and it is already moving towards the first target, which is 0.0098.

Source: TradingView

Dash formed a falling wedge continuation on the daily chart and has successfully broken out from the falling wedge, which is a very bullish pattern.

Source: TradingView

The MACD indicator for DASH pointed to an uptrend as it had just undergone a bullish crossover. Dash’s daily chart manifested the formation of a bullish flag pattern with the price rising high and oscillating between two parallel straight lines. This was symbolic of a potential bullish price breakout in the near-term. The RSI indicator, which lay at 49, indicated a possible area for further growth shortly.

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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