Dash Technical Analysis: (DASH/BTC) Bulls Move In On DASH With $500 In Their Sights
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10 mins ago
Dash has enjoyed a recent rally of support over the past 5 days, allowing it a break above the 0.786 fibonacci resistance level that had been suffocating the price action all month.
At the time of writing DASH is up 3.63% as the bulls continue to edge the alt-coin back towards the $500 mark for the first time since early March.
Let’s take a look at the forecast for this uptrend and see what we can expect over the next week.
Diving into the 3hr chart, we can see Dash is performing well in the current market with support pushing DASH toward the 0.618 fib level at 0.0572 BTC, where we saw this asset fail to breach before at the start of the cup-like downtrend; triggering the long sell-off period.
After finding the bottom at 0.0429 BTC, DASH struggled to break free above the channel resistance at 0.718 fib level for nearly 4 weeks as the market took a bearish turn throughout March and into early April.
Since this bottom support, new support has managed to drive the price back up 32.56% to its current value at 0.056 BTC ($499.10 at the current BTC market value).
Momentum indicators are looking a little overworked at the moment over 30-min candles, with the RSI, Williams R% and Stochastic all indicating the current uptrend as overbought. MACD is also well above the signal line but showing no signs of a bearish divergence just yet between the MAs.
Looking more closely at the 5min candles, we can see positive buyers sentiment holding well with 13/34 EMAs showing no signs of the bulls tiring.
Judging by this alone I think it’s safe to assume that we’ll see DASH break clear of $500 by the end of the day if support continues to perform at these levels.
Dash (DASH) Price Prediction
Surpassing this vitally important $500 price target will be huge for the project to restore its community’s confidence and attract new investment.
If the present support does hold out above $500 then it’s likely that we would see a second bullish wave continue the uptrend to the next 0.5 fib level at 0.0634 BTC ($564.53) which would yield a 47.80% increase from the base support.
It’s likely that Dash will experience some bearish resistance around the 0.5 fib level before marching on to the next price target, particularly if Bitcoin’s market performance continues to improve in the coming weeks. Cheaper, lesser-known alt-coins could also prove troublesome for DASH, as investors are lured away into speculating on these double digit gainers when BTC works well.
The final target for this asset is set at 0.07 BTC ($623.29) once the price action retraces back to the 0.382 fib level.