|

Dash price ready for a massive breakout towards $160, suggest technicals

  • Dash price remains contained inside a symmetrical triangle pattern on the 12-hour chart.
  • A clear breakout above the pattern can easily drive Dash price towards a target of $160 in the long-term.

The digital asset has been trading relatively sideways for close to one month and awaits a clear breakout or breakdown within the next week. It seems that bulls have taken control again and are eying up a potential price target of $160.

Dash price needs to crack this critical resistance level to see a massive breakout

On the 12-hour chart, DASH has established a symmetrical triangle pattern and it’s trading right in the middle of it. Bulls have defended the lower trendline support at $95 and Dash price rebounded towards $106.

dash price

DASH/USD 12-hour chart

The digital asset has also climbed above the 50-SMA, turning it into a support level. The next resistance level is located at $109, which is the upper trendline of the pattern. A breakout above this point can push Dash price towards $160. 

dash price

DASH IOMAP chart

On the other hand, failure to hold the 50-SMA at $102 will most likely drive DASH towards the lower trendline of the pattern again at $95. The In/Out of the Money Around Price (IOMAP) chart shows very little support around this area. 

The IOMAP chart suggests that a breakdown below $95 might be likely as the most significant support area is located below $91. This adds credence to the bearish outlook given above.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Solana Price Forecast: ETF inflows, bullish derivatives signal more upside

Solana steadies at $78 on Wednesday, up over 2% so far this week. Institutional demand shows positive signs with SOL spot Exchange Traded Funds recording a second consecutive day of inflow this week. In addition, strengthening derivatives metrics support further gains ahead.

Crypto Market Overview: Bitcoin holds firm as ONDO and GRAM lead rally

The broader cryptocurrency market is witnessing an easing of bearish momentum, with Bitcoin holding above $66,000. Altcoins including Ondo and Gram, formerly known as Toncoin, are leading gains over the last 24 hours, driven by new features. Bitcoin holds above $66,000 on Wednesday, following a 2% surge the previous day.

Top 3 Price Prediction: BTC extends gains, ETH and XRP target breakout moves

Bitcoin, Ethereum and Ripple remain on the front foot as the broader crypto market extends its gains so far this week. BTC leads gains after closing above key resistance while ETH and XRP near key technical hurdles where a breakout could pave the way for additional gains.

White House backs ethics deal as CLARITY Act faces August deadline

The White House has agreed to a comprehensive ethics provision for the Digital Asset Market Clarity Act, potentially clearing a major obstacle to the crypto regulation bill as lawmakers aim to advance it before the August recess. The agreement follows weeks of negotiations over rules aimed at preventing government officials from having conflicts of interest in the crypto industry.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.