Dash market update: DASH/USD bulls – From the ashes, we rise

DASH/USD is trending more than 2% higher on Wednesday after defying the prevailing bearish pressure on the crypto market. Apart from Dash, other cryptocurrencies in the green are Litecoin; up 0.5% on the day, IOTA which is up 0.05% and Monero which has added 1.34% to its value. Major cryptos like Bitcoin, Ethereum and XRP are trending 0.3%, 0.26% and 1.05% lower in that order.

Dash closed last week trading above $96.00 but started to trim the gains when the bulls failed to support movement towards $100.00. The downward trend dominated Monday and Tuesday before finding support marginally above $91.00. A reversal was staged during the European session today and DASH/USD corrected upwards bringing to a stop the bearish trend. A move made past the short-term trendline resistance added gasoline to the fire. Dash cleared the hurdles at the 50 SMA and 100 SMA 1-hour before coming to a halt at $95.00.

Although the Dash’s trend is turning bearish at press time, the RSI is brushing shoulders with the overbought region (Sunday last week levels). The MACD is not only in the positive zone but also heading north. This means that technical levels are positive and while the movement to $100.00 will be an uphill task, I expect DASH/USD to keep above the short-term support at $93.00. Other support levels include the resistance turned support at the 100 SMA, 50 SMA and the key support at $91.00.