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DASH Price Analysis: DASH Token witnesses minor setback, roadmap towards $225 is intact


www.thecoinrepublic.com 02 August 2021 02:41, UTC
Reading time: ~2 m

  • DASH token price is on a three-day losing streak owing to a rejection from the overhead resistance of $170
  • The press time price of DASH/USDT is $157 established on the back of a 5.87% decline in the past 24 hours
  • The ongoing pullback is likely to grab support at the 50 EMA

DASH Token paused its uptrend and continued to fall prey to a minor setback from the rejection of the $170 resistance level. Today, being the third consecutive day since the confrontation, the price has dropped by an overall 6.22%. 

The present price range marks the last leg of support for the bulls to conquer. Nonetheless, failure to hold onto the support cushion of $157, will expose DASH price to the support levels of the 50 and the 20 EMA respectively. 

Is the double bottom pattern still valid? 

DASH Price sparked a bull rally following the breakout that gave rise to the swing high of $187 on July 19th. The uptrend validated the price action to respect the double bottom pattern formation on the daily chart. The rejection from the overhead resistance of $170, seemed to have awakened the final leg of retracement before the price heads towards another rally.

A bounceback from the support cushions of $153 and $147 which are bolstered by the 50 and the 20 EMA respectively, will revive the bullish momentum. The occurrence of this scenario will lay the ground for a minimum 12% upswing in the upcoming trading sessions. 

DASH bulls can count on the support cushions of the 20 and the 50 EMA to guard the bullish thesis. 

DASH/USDT on TradingView

DASH Price chart on the 4-hour time frame 

TradingView

A brief inspection of DASH Price on the 4-hour chart highlights the fact that the price action has recently broken out of the rising wedge pattern. Keeping in mind that the breakout is fresh, the price is currently re-inspecting the support cushion of $153, which is bolstered by the 50 EMA. A decisive close above that particular support level will disclose the above breakout as a fakeout. 

This outlook will provide confidence to the bulls who will further aim to get back above the 20 EMA. The above technical setup highlights the fact that there is more room for the upside. 

On the contrary, a violation of the support cushion of $147 will contradict the bullish thesis and expose DASH price to the wrath of bears. 

SUPPORT : $153, $147

RESISTANCE : $164, $170


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