DASH Technical Analysis: Buy the dips circa $48 as demand remains unabated
|- DASH rises for the third straight session on Sunday.
- No. 24 coin risks further upside amid bullish technical outlook.
DASH/USD, with a market capitalization of $0.45 million, is one of the top performers amongst the top 30 widely traded crypto assets this Sunday. The No. 24 coin trades with strong bullish bias and rallies near 7% so far, having clocked fresh three-week highs at 49.68. Over the last hour, the price has corrected slightly and battles the 49 handle, still on track to book a 15% gain on a weekly basis while up nearly 13% over the last 24 hours.
DASH/USD 15-minutes chart
- Following a bull pennant breakout early Sunday, the coin almost tested the pattern target of 49.89.
- The price could retrace further to the bullish 21-bar SMA at 48.10 before the next push higher.
- On a breach of the last, DASH bears will test the key 46.85 demand area, where the bullish 50-bar SMA coincides with the pennant breakout point.
- The Relative Strength Index (RSI) has reversed from higher levels in the overbought territory, suggesting some consolidation likely in the day ahead.
DASH/USD daily chart
- A bullish breakout from a three-month-long falling wedge breakout was confirmed on Saturday.
- DASH could test the pattern target of 80.30 over the coming quarter, above which bearish 200-DMA at 85.69 could be challenged.
- The coin, however, needs a daily closing above bearish 50-DMA of 49.39 for a sustained move higher.
- The immediate support is seen between 42.90-40 levels, the confluence of the pattern trendline resistance and bearish 21-DMA.
- The RSI points higher towards the overbought territory, indicating the further upside remains in play.
DASH/USD Levels to watch
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.