Dash price analysis: DASH/USD breaks out of downward trend as demand for DASH surge
|- Dash gains 2.89% on the day; heading towards $200 (resistance target).
- Interest in Dash continues to rise, besides Venezuelan citizens turn to Dash following extreme inflation rates.
Dash continues to gain traction towards $200 amid rising demand for the coin. Dash buyers are currently supported by fundamentals, besides various technical levels have been broken triggered a sustained retracement. Recent Dash CEO Ryan Taylor said that struggling Venezuela is turning to Dash to evade the local currency that has bit hit by extreme inflation. In fact, Dash said that the country is currently second best market.
Dash declined recently and brushed shoulders with $125.94, however, the crypto settled in for a recovery after consolidating the losses. DASH/USD broke the downward trend started in the last week of July and continued through August. Trading above the trendline resistance (technical level) at $140 triggered an upward run that has seen Dash price break $180 resistance. At present, the bulls are in control and Dash is trading at $198 with intent to break above $200.
The crypto is not likely to have reached overbought levels considering the overarching declines that have dominated the market recently. Dash is supported at the 4-hour SMA highlighted at $180. The second support is at the 200SMA currently at $152.64 on the same chart. As mentioned the most significant resistance and a breakout position is at the $200 level. It is important that buyers pull through past this level and find support above $200 before attempting an attack on$220.
DASH/USD 4-hour chart
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