Dash Technical Picture: DASH/USD breakout past $70 holds even as Bitcoin retreats
|- Dash price breakout from the falling wedge pattern resistance confirms the bullish leg towards $75.00.
- DASH/USD is mainly in the hands of the bulls and supported by most technical indicators.
Dash is among the few coins in the market on Wednesday that are still in the green, following a formidable breakout from a falling wedge pattern. DASH/USD zoomed impressively above the moving averages in the 4-hour timeframe as well as the critical hurdle at $70.00. The bullish leg extended towards $75.00 but lost steam at $72.61.
In the meantime, DASH/USD is trading at $71.93 after adding more than 1% to its value during the Asian hours. As for Bitcoin and other major cryptocurrencies, losses have already started to dominate. Bitcoin lifted above $9,400 on Tuesday but has retreated to $9,376 at the time of writing. The trend displayed is strongly bearish, which means that declines are likely to continue in the near term.
Studying, the DASH/USD chart, we can see that the breakout above the falling wedge pattern is still impacting the price. Technical indicators are following in support as observed with the RSI. The indicator is holding strong in the overbought region after an impressive movement from levels around 40 at the beginning of the week.
The ongoing bullish grip is reinforced by the MACD as it extends above the midline. A vividly visible divergence from the MACD puts buyers in control of the next direction Dash price will take.
Currently, the path of least resistance is upwards, especially with the support of most technical indicators. As for declines, the price would seek refuge at the SMA 100 ($70.67), the SMA 50 ($70.14), $70.00 and the main anchor at $69.00.
DASH/USD 4-hour chart
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