- Dash is mitigating the reversal from the intraday high at $96.61.
- Dash needs a catalytic boost to tackle the concentration of sellers at $100.
The widespread recovery staged on Thursday appears to be pre-maturely stalling. Bitcoin (BTC) seems to have spent all the batteries after tackling $10,200 resistance and its immediate retreat is once again, is dragging the crypto market down. On the contrary, Dash is coming out as a strong daily gainer after its value shot up more than 3.5% on the day.
Despite the correction across the board Dash is mitigating the reversal from the intraday high at $96.61 by holding ground above the 61.8% Fibonacci level taken between the last swing high at $96.61 to a swing low of $87.26.
Dash found refuge from the recent declines at $87. The price action from this zone has been mostly bullish. On zooming above the 50 Simple Moving Average (SMA), Dash bulls grip tightened forging their way towards $100.
Unfortunately, $100 level remains unconquered while a retreat is underway. The relative strength index (RSI) retreat from the levels above 70 means that DASH was slightly overbought. On the positive note, the Moving Average Convergence Divergence (MACD) hit a high of +1.0718 after recovery from August 21 low at -1.7840. For Dash to gain the coveted ground above $100, the bulls must first ensure the price stays above the hourly moving averages. Secondly, Dash gets a catalytic boost to tackle the concentration of sellers at $100.
DASH/USD 1-hour chart
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