Why is Dash price surging in a Bitcoin stable cryptocurrency market?

Dash is up a whopping 7% on Wednesday. It is arguably the best-performing cryptocurrency among the 30. Bitcoin price is relatively stable after recovery from the brief fall under $5,000 on Monday. However, its recovery faces selling pressure at $5,500. Ethereum and Ripple exhibiting signs of stability after the rejection from key resistance zones at $150 and $0.15 respectively.

Dash price technical picture

A recent breakout above a descending trendline resistance failed to yield the desired upward movement. The upside remained capped under the 100 SMA on the 1-hour chart. However, surge above the moving averages on Wednesday has pulled Dash price to test the key resistance at $50.

At the time of writing, DASH/USD is teetering at $48.34. Resistance at $50 is proving to be an uphill task to overcome. On the other hand, the trend remains bullish as per the RSI and the bullish session with the Elliot Wave Oscillator. Moreover, correction above the moving averages could continue to encourage more buyers to enter the market. The 100 SMA and the 50 SMA are no longer resistance areas but support zones. For now, buyers need to focus on stepping above $50 and grinding towards $60.

DASH/USD hourly chart