Dash price jumps 5% on the day while the crypto market struggles after the bull rally

This week’s trading has seen most coins and altcoins break psychological barriers, while some digital assets are back to trading June levels. However, the bullish trend appears to have turned bearish as the week come s to an end. The market is slightly red on Friday 20 with some of the top cryptos like Ripple (XRP), Bitcoin Cash (BCH), and NEO correcting lower over 3% on the day. Ethereum Classic (ETC), Monero (XMR) and IOTA (IOT) are down 2%. The trend is generally bearish across the board, on the contrary, Dash price is up over 5% on the day, defying the correction.

Dash price analysis

Dash is one of the strongest daily gainers on the day. After opening the trading session at $ $260.3654, it tested the critical resistance zone at $280.00. However, on failing to breach the resistance, the price is reacting with subtle lower corrections.

Since July 12, DASH/USD has been trading highs and higher lows supported by the trendline on the chart. The price has been bouncing off the trendline in brief and extended engulfing candles. Until today morning (GMT), the upside had been limited below $270 with attempts to break past the level rendered unsuccessful. However, the breakout from the immediate demand zone at $260, not only broke above $270 resistance, it tested the critical $280.

The price is likely to settle in a bullish flag pattern supported above $270 while on the upside, the supply zone at $280, will continue to limit gains in the near-term. Sellers are reaching out for more entries at the moment, besides the stochastic is pointing south and leaving the levels above 70%. The gap between the 50 SMA is widening to confirm the rising selling pressure.

DASH/USD 1-hour chart