- DASH reclaim 50 day ema forming higher highs candle whereas RSI approaching overbought levels
- DASH/USDT trading near Value area high, price may witness some cool off from higher levels.
DASH Prices had gained positive momentum forming higher highs candles with the bullish cues all around. In the current intraday session DASH down by 2.84% while the 24 hour volume to market cap ratio stood at 0.188
Will bulls be able to sustain Value Area High ?
On a higher time frame, DASH prices had been very stable as compared to other cryptocurrencies and had been traded in the range between $38 to $58 for a quite longer time. Recently, due to unfavorable environment in the crypto industry DASH had broken down its lower range and slipped below $38 and created a fresh yearly low $30.60 but after a little bit consolidation DASH immediately bounce back and reclaim 50 day ema(pink) with strong bullish candle indicates genuine buyers are available in demand zones.
The 200 day ema (green) at $53 sloping sideways will act as an immediate hurdle for bulls followed by next meaningful resistance at $58. The RSI at 63 approaches overbought zones which may see some cool off from higher levels.
As per volume profile analysis, DASH had been trading near value area high which is considered as a sellers zone and prices likely to see minor retracement in coming days.
The point of control and value area low is placed near the $40 level which will act as an important support level and provide an opportunity to create fresh buy positions.
Smaller time frame narrative
On a lower time frame, DASH prices had broken the resistance of $38 with a strong bullish candle supported by massive volume spikes indicates the confidence of buyers in lower levels, Later prices had been in a slowly and steadily rise with a bullish cues and consolidating near resistance level of $48
The supertrend has generated a bullish signal and prices are sustaining above green line which indicates short term trend may remain bullish for coming weeks.
DASH had gained some positive momentum over the past couple of days but as of now we may see a little cool off from resistance levels. The aggressive traders may look for buying opportunity for the target of $58 and above by keeping $38 as SL
Resistance levels : $58.00 and $68.00
Support levels : $38.00 – $32.00
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.