DASH Technical Analysis: Oscillators Indicates a Bullish Trend Reversal
Dash is an open-source protocol that was hard forked from the Bitcoin protocol. It facilitates instant digital money payments at nominal costs and in a secured manner. With Dash, users can easily move their digital currencies anytime, anywhere. DASH is the native token of this ecosystem. The following DASH technical analysis will predict the price momentum for the next two days:
On April 24, 2021, DASH started trading at $262.79. On April 30, 2021, DASH closed at $319.62. Thus, in the past week, the DASH price has surged by roughly 22%. In the past 24 hours, DASH has traded between $317.53-$328.78.
Day-Ahead and Tomorrow
Currently, DASH is trading at $324.26. The price has increased from the day’s opening price of $319.70. Thus, the market seems to be bullish.
The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. However, it has started declining steadily. The selling activity is picking up. Hence, we can expect a price pullback amidst a rising price trend.
Currently, the RSI indicator is at 42%. It faced rejection at 50% and fell to the current level. Hence, selling pressures are high. Thus, the RSI indicator is giving further credence to a price pullback shown by the OBV indicator.
The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned negative. Hence, the price is likely to start declining soon.
In a nutshell, all three oscillators have indicated a bullish trend reversal. However, we have to wait and watch if the bearish trend is strong enough to sustain till day end.
DASH Technical Analysis
Currently, the price is above the Fibonacci pivot point of $322. It may soon fall up to the pivot point and further below the first support level of $317.70.
The price has tested and fallen below the 50% FIB retracement level of $323.15. By day end, if the price falls below the 138.2% FIB retracement level of $313.23, then the bearish trend is strong enough to sustain tomorrow as well.