- Dash bounced off short term support at the 38.2% Fibo ($74.00) support after a retreat from weekly high.
- DASH/USD is comfortably in the hands of the bulls owing to the upward trending RSI and MACD.
The cryptocurrency space is back to the nice green ‘carpeted landscape’ after the bullish momentum on Monday took a breather. Tuesday was characterized by trend reversals as bears rushed for revenge and bulls scampered to seek balance. Dash was not any different as it retreated from the weekly high at $76.74. Tentative support at the 50% Fibonacci level failed to hold the ground but the 38.2% Fibo at $74.00 came in handy.
Over the last two trading sessions (the American session on Tuesday and the Asian session on Wednesday), DASH/USD has reversed the trend upwards to the extent of testing the hurdle at the 50% Fibo, taken between the last swing high of $82.54 to as swing low of $68.82.
Dash appears to be outperforming most of the major cryptoassets including Bitcoin, Ethereum and Ripple. Bitcoin is trading higher by 0.17%, Ethereum 0.77% and Ripple 0.29%. Dash on the other hand is up 1.1% to exchange hands at $74.85.
Dash technical analysis
Dash has been on upward price action as earlier mentioned. The bullish momentum is supported by the RSI as well as the MACD. The break above a key descending trendline resistance greatly impacted the ongoing recovery. The trend is still in favor of the bulls as observed with the RSI (just about cross into the overbought region) and the MACD (moving higher within the positive region). A sustained break above $76.00 would give buyers a fighting chance towards $80.00 (key resistance) and $100 psychological level.