- Dash price sustains an uptrend within an ascending channel.
- DASH/USD is technically ready for a breakout above $80 with a target on the psychological $100.
Dash is arguably the best performing cryptocurrency in the crypto market on Tuesday after Monero (XMR). Monero is up 15.2% on the day while Dash is trading 12% higher with a market value of $70.27. The prevailing trend is strongly bullish amid expanding volatility. In other words, Dash is poised for more bullish action that could eventually bring down the hurdle at $80.
At the time of writing, DASH/USD immediate downside is guarded by the 100 SMA in the 4-hour range. Marginally below this zone is another support provided by the 50 SMA at $60.00. Dash price is also trading within an ascending channel whose support has been instrumental in the recovery from the lows recently formed at $33.18.
From a technical perspective, Dash is in the hands of the bulls. The RSI in the 4-hour range has resumed the uptrend above 50. The aim is to reach levels above 70 (overbought) in turn strengthening the bullish grip as the price rises to levels above $80. Another bullish indicator is the Elliot Wave Oscillator which is currently starting a new bullish session.
Dash potential for recovery to levels above $100 depends on the ability of the price to remain stable and establish higher support (preferably above $80). Other support levels that must hold water in the case of a reversal include $70.00, $60.00 and $40.00.
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.