- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.