Analytics

DASH Technical Analysis: Price May Rise Above $147.52

Dash is an open-source protocol that was forked from the Bitcoin codebase. With the Dash blockchain network, users can make instant cross-border digital money transfers anytime, anywhere. Dash enables businesses to expand their customer base at nominal costs and zero chargebacks. DASH is the in-house token of this ecosystem. Let us look at the technical analysis of DASH.

Past Performance

On Jul 17, 2021, DASH opened at $114.92. On Jul 23, 2021, DASH closed at $142.81. Thus, in the past week, the price has increased by roughly 24%. In the last 24 hours, DASH has traded between $135.61-$148.91.

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Day-Ahead and Tomorrow

Currently, DASH is trading at $147.34. The price has increased from the day’s opening price of $142.81. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 45%. It faced rejection at 54% and fell to the current level. Hence, selling pressures are mounting. High selling activity will exert downward pressure on the price.

But, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, when we look at all three oscillators together, we can say that the overall market momentum is bullish. But, intermittent price pullbacks can occur as a part of the market correction process. The possibility of a trend reversal cannot be ruled out too.

DASH Technical Analysis

Currently, the price is above the first Fibonacci pivot point of $142.44. The price may soon surpass the first resistance level of $147.52 as well. Thereafter, we have to wait and watch if the bullish forces remain strong or a trend reversal occurs.

The price has tested and broken out of the 23.6% FIB retracement level of $145.77. It may soon surpass the 23.6% FIB extension level of $152.05. As of now, the bulls are strong. Hence, we can expect the price uptrend to sustain tomorrow as well.

   

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