Lorenzo Stroe
Independent Analyst
- 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/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.
-637442637442663947.png)
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?