DASH Price Analysis: Preparing For Another All Time High, Probably

  • The bull run of Dash has vanished from the past three session, after giving a 55% upside
  • Dash is probably breathing to give another breakout from ascending triangles 

Dash gave a minute correction on January 11,2021 after making a new high but it doesn’t seem as if the rally has gone out of steam, the coin is hovering at the support. A breach of the support may push the coin towards the immediate support of $116. The 24 hour volume and market cap are 179,125,988 and 1,312,203,450 respectively. 

Dash: Preparing For Another Head Star, A Potential Breakout From Ascending Triangle

The daily candles from the past three days indicates indecisiveness among the bulls and traders. The coin made an all time high of $159-$160 and returned to confirm the support line, but it seems that the coin got support from its VWAP itself, signalling that the bulls are in charge now. 

The VWAP is at $132.581 against the LTP of $132.9.

The bollinger Bands are contracting signalling decline in the volatility and rest to the previous bulls. However the lower band is contracting at a higher rate than the upper band which is a sign that the selling pressure is diminishing at a much higher rate. Median of Bollinger Bands is at $115.617, upper band at $153.768 and lower band being at $77.465. 

The stochastic is about to give another buying signal since the signal line is about to cross the slower line. A crossover will confirm bulls to return back and test the high  of $160. 

The RSI is in positive territory cruising around 65 levels signalling bullish trends to sustain in the current pace. RSI line is at support currently, a breakdown from here will take it towards next support of 50 levels. 

MACD(8,21,5) is indicating divergence, which is a sign of either contraction or even reversal but it will be too soon to say that since the coin is getting support from the VWAP as well as the median of Bollinger Band. 

The ADX line is above 25 levels, which indicates a strong bullish trend. However the ADX+ is returning back to 25 levels, a breakdown will cause the coin to consolidate whereas a further upward movement will indicate a return of bulls. 

Conclusion

Dash Coin has made an ascending triangle on the daily chart along with three doji candles signalling gradual rise in buying, yet we need a stronger move to confirm either side’s movement. 

Support: $132.392(VWAP) and $115.5(BB Median)

Resistance: $146, $153.5(Upper BB) and $160

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Source: https://www.thecoinrepublic.com/2021/01/14/dash-price-analysis-preparing-for-another-all-time-high-probably/