Dash price analysis: DASH/USD jumps by 6% in a matter of hours
|- DASH is one of the biggest movers among top altcoins.
- The initial resistance is created by a psychological level of $55.00.
DASH, now the 22nd largest digital asset with the current market value of $500 million has gained over 6% since the beginning of Friday and became of the best-performing major altcoins. At the time of writing, DASH/USD is changing hands at $54.29, off the intraday low registered at $49.64.
As the fundamental reasons behind the growth are not readily available, the movement looks like a pump or a technical play. DASH hit the recent high at $57.55 on January 6 and has been losing ground ever since. However, the coin has started growing sharply ahead of the US opening on Friday and gained over 6% in less than two hours.
The upside momentum started fading away on approach to $55.00, which means that the pump may be short-lived.
DASH/USD: technical picture
The initial support is created by a combination of SMA100 1-hour and the upper line of 1-hour Bollinger Band at $53.45. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $53.00 reinforced by the middle line of 4-hour Bollinger Band. A sustainable move below this barrier will bring $50.00 back into focus.
On the upside, $55.00 is the first barrier to be taken out on the way to the North. Once it happens, the price may grow towards $57.00 and January 6 high at $57.55.
DASH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.