- DASH Token price soared for six consecutive days after retesting the support level of $198
- The press time price of DASH/USDT is $265 established on the back of a 12.21% decline in the past 24 hours
- The daily RSI has flashed bearish divergence indicating the possibility of a minor pullback
DASH Bulls to catch their breath after a significant rally
DASH Price spawned an upswing of an overall 150% from the low of July 20th and validated one of the most bullish price structures on the daily chart. The reclamation of the critical EMA’s enabled the token price to formulate the cup and handle pattern, which in turn gave rise to a swift rally.
Presently hovering inside the support of the July support trend line, DASH price is looking for opportunities for a retracement. The overextended relationship between the RSI and the price action goes to show that the bulls are on the verge of losing steam. A rejection from the overhead resistance of $276, will come at the cost of a 14% decline, which is perfectly aligned with the 0.382 FIB. One of the prime reasons that catalyzed the price of the DASH token to awaken a strong momentum was the transpiration of the Golden Cross.
With the amount of volume shooting through the 20 MA, it wouldn’t be surprising to watch the price summersault above the overhead resistance of $276, However, from the looks of an impending crossover between the %K line and the %D line, the daily stochastic RSI is in favor of a pullback. A minor retracement will give rise to the second part of the bullish structure, which is the handle. The occurrence of this scenario will empower the price to grab support from the vertical trend line, before aiming for the last leg of the pattern.
The calculated height from the bottom of the cup to the swing high of this month stands at 54%. Moving forward to keeping that vertical line above the swing high, the price of the DASH token has the potential to rise by a massive 54% and aim to challenge the critical resistance of $426 in the short term.
Conversely, considering the strength of the bulls, the price could also hit the controversial target of $300 before heading backward. For the day ahead, the decisive close above the resistance of $276, will reveal whether there is a continuation in the upward trajectory.
Nonetheless, the current price structure for the DASH token exhibits major signals of bullishness and the likelihood of another 54% run-up. While the token might have the capability to capture the mentioned targets, investors should always take the broader cryptocurrency market into account, before placing any positions.
SUPPORT : $232
RESISTANCE : $276