Dash market update: DASH/USD grinding into a bull trap
- Dash stares into acute reversal if the triangle pattern fails to materialize.
- The initial short-term support at $71 will come in handy if the correction continues.
Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.
Earlier the bulls ravaged through the hurdles present by the Simple Moving Averages (SMAs. The saw the price briefly trade close to $74 (resistance). Meanwhile, Dash has adjusted to the current market value of $71.74.
Following the retreating Relative Strength Index (RSI), it is likely that the price won’t break the triangle resistance. Instead, a reversal is likely to come into action towards the initial support of $71 (100 SMA).
The lower trendline will come in handy in the event losses progress towards $71. If the Moving Average Convergence Divergence (MACD) stays above the zero line, Litecoin will have the ability to stays above $71 support level.
DASH/USD 60’ chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
