Dash Market Update: DASH/USD spikes over 2% outperforming Bitcoin, Ethereum and Ripple on a daily basis
|- Dash price leads recovery among the top 20 cryptocurrencies gaining over 2% on the day.
- DASH/USD breakout lags beneath the resistance at $70 but technical indicators suggest that gains above $80 are possible.
Dash is the biggest single-digit gainer on Friday during the Asian session. The digital asset is up 2.23% on the day and leads the intraday recovery in comparison to Bitcoin’s 0.08 percentage change, Ethereum’s 0.53 and Ripple’s 0.54. Other cryptocurrencies performing relatively well include Bitcoin Cash (up 1.16%), Bitcoin Gold (up 1.66%) and Litecoin (up 1.11%).
Dash price technical picture
DASH/USD recovery recently hit a wall at the 38.2% Fibonacci level taken between the last high at $144.58 to a low at $33.36. The rejection, however, found balance at 23.6% Fibo precisely at $60. For over a week, now Dash has been range-bound between the two Fibo levels.
The ongoing bullish action has stepped above the moving averages; where the 50 SMA and the 100 SMA in 4-hour range are in a position to function as support lines. DASH/USD is trading at $69.05; a break above $70 is required to pave the way for gains above $80 and allow the bulls to focus on higher levels at $100. The bullish action is supported by the RSI’s rise into the overbought region. Moreover, the Elliot Wave Oscillator shows that buyers are still in the driver seat.
DASH/USD 4-hour chart
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