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DASH price showcases a double bottom pattern forming within a consolidation range with an intent to give a bullish breakout. Key technical points:
- DASH prices have jumped by 1.18% in the last 24 hours.
- The price action shows a double bottom reversal attempt in the daily chart.
- The 24-hour trading volume of DASH is $92 Million, indicating a rise of 30%.
Past Performance of DASH
The mid-June recovery rally surged the DASH/USDT Pair resulting in a hit to the $53 mark. However, subsequent downfall nullified these gains as they plunged back to the bottom support of $40. This support level managed to stall any further decline indicating the traders are actively accumulating this support. As a result, the altcoin rebound from this support and appreciated sharply in the last five days.
Source- Tradingview
DASH Technical Analysis
The DASH price technical chart represents the above consolidation as a double bottom pattern. This bullish reversal pattern should accelerate the buying momentum and assist buyers to carry a genuine recovery rally. The coin price currently trades at $45.77, nearing the pattern's neckline resistance of $53. The MACD indicator showcases a slow yet steady rally towards the neutral zone, indicating a gradual rise in underlying bullishness. The potential crossover may offer an extra edge in buyers' favor. The RSI indicator shows a stepper rally in comparison to price action, suggesting aggressive buying from traders. Moreover, the indicator slope may soon jump above the midline, reflecting a positive switch in traders' sentiment. In short, the DASH technical analysis highlights the increased possibility of a bullish breakout to surpass the psychological mark of $50.
Upcoming Trend
If the DASH prices breach the overhead resistance, the buyer may push the recovery higher to the $53 mark, followed by $60. On a contrary note, a possible reversal from this resistance, would undermine the bullish pattern and resume a range-bound rally. If the theory turns true, the coin price may retest the $38 support. Resistance Levels: $53 and $60 Support Levels:$45 and $40