Dash: The bounce is done, for now
- Dash reaches price level which acts as a strong resistance.
- U-turn from here is more likely than any breakout.
Dash, the crypto has reached a price level from where it would be difficult for the bulls to take it past the key descending trendline resistance on the medium term chart, unless there is something fundamentally positive that gives a fillip to the bulls.
DASH/USD is up nearly 2 percent on day at $83.524 at high point of the day, trading in less than 3 percenr range. On the 480-minute chart of this crypto, the price is sitting just under a key descending trendline that won't be a cake walk for the bulls to cross past without any fundamental momentum supporting the prices or the sector as a whole.
For now, the trendline level is at $87, roughly 4 percent from CMP, failure to cross past would take the prices back to sub 80s.
DASH/USD 480-minute chart:
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
