Dash (DASH) leads market recovery: This reversal has legs

Dash is the biggest single-digit gainer among the top twenty cryptocurrencies. With intraday gains in the excess of 3%, correction above $150 hurdle is an absolute possibility. The entire market is in the green with most cryptos showing gains between 0.1% and 3%.

Dash formidable gains are likely connected to the newly released version of Dash wallet for iOS. The news of the released was shared on Twitter on June 7 and seems to have been received well by the community.

However, it is not clear if the iOS upgrade can sustain the current gains. DASH/USD is trading at $147.26 while supported by the 50 SMA at $145. On the upside, the 100 SMA is hindering growth to $150 level.

Technical indicators are sending bullish signals with the RSI almost hitting the overbought. The indicator touched 30.00 yesterday and the recovery serves to encourage the buyers to have confidence in the reversal. The MACD is crossing into the positive region at press time to show that the buyers are gaining traction. Dash is support at $145, $142 and the key support at $140.

DASH/USD 1-hour chart