Dash overview: Bulls exhausted after an assault at weekly SMA200
|- The coin has gained nearly 8% since the start of the day
- The RSI signals that the correction in nigh.
Dash gained over 16% in recent 24 hours amid strong bullish momentum on the global cryptocurrency market. With the market value of $1.16B and an average daily trading volume of $550M, DASH now takes the14th place in the global cryptocurrency rating. At the time of writing, DASH/USD is changing hands at $134.0, off the recent high of $182.94.
DASH is moving in sync with the rest of the market, which means that it is influenced by a combination of speculative and technical factors. While a spike towards $183.00 proved to be short-lived, the coin is still doing well this morning. DASH/USD has gained nearly 8% since the beginning of the day, which is one of the best results out of top-20.
Looking technically, weekly SMA200 at $178.00 served as a strong resistance and pushed the price back towards the current levels. The local resistance is created by psychological $140.00 followed by the intraday high at $140.80. Once these barriers are cleared, the upside may be extended towards $150.00 and up to the above mentioned weekly SMA200.
On the downside, watch out for congestion zone $130.00-$128.00. This area will serve as an intermediate support, and once it is cleared, the sell-off may be extended towards $120.00 strengthened by SMA50 1hour.
Considering that the intraday RSI reversed to the downside out of an overbought territory, the bearish correction looks likely with an ultimate goal at $102.00 with SMA200 1-hour located right below this handle.
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