Dash Price Analysis: DASH/USD soars 12% to bring down the seller congestion at $80
|- Dash price sustains an uptrend within an ascending channel.
- DASH/USD is technically ready for a breakout above $80 with a target on the psychological $100.
Dash is arguably the best performing cryptocurrency in the crypto market on Tuesday after Monero (XMR). Monero is up 15.2% on the day while Dash is trading 12% higher with a market value of $70.27. The prevailing trend is strongly bullish amid expanding volatility. In other words, Dash is poised for more bullish action that could eventually bring down the hurdle at $80.
At the time of writing, DASH/USD immediate downside is guarded by the 100 SMA in the 4-hour range. Marginally below this zone is another support provided by the 50 SMA at $60.00. Dash price is also trading within an ascending channel whose support has been instrumental in the recovery from the lows recently formed at $33.18.
From a technical perspective, Dash is in the hands of the bulls. The RSI in the 4-hour range has resumed the uptrend above 50. The aim is to reach levels above 70 (overbought) in turn strengthening the bullish grip as the price rises to levels above $80. Another bullish indicator is the Elliot Wave Oscillator which is currently starting a new bullish session.
Dash potential for recovery to levels above $100 depends on the ability of the price to remain stable and establish higher support (preferably above $80). Other support levels that must hold water in the case of a reversal include $70.00, $60.00 and $40.00.
DASH/USD 4-hour chart
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