DASH Price Analysis: Bulls are looking for a range breakout. Will it succeed?

DASH price from last week is forming higher highs and shows upward momentum. The yearly low of $30 was hit last month, afterward responding as a base formation for the bulls to acquire their muscles. Now, the token crossed the middle range of the Bollinger band and now trades in the upper band and is confined to escape the range of $50. The token takes support and admires its lower trendline.

DASH is now trading at $43.76 with a dip of 7.56%, losing the intraday gains. Meanwhile, per the price action, the token is now forming a higher low for the bullish pattern after the corrective move. The trading volume increases 26% overnight. However, recent action is in favor of bulls as they maintain their grip. The token trades above its significant moving averages, forming the ascending triangle pattern. The pattern now sets up a trajectory that is looking to break if the price sustains and breaks the range of $50. In the further sessions, the token is willing to test the range of $58, which is the near-term hurdle for bulls.

The daily chart shows prices stuck in a range.

On the daily chart, DASH is now at an interesting stage where bulls are trying to sustain the round level of $50. The red army of bears also prominently holds the positions, and the fight is still on. The investors are also waiting for the range breakout to take long positions.

The support range of $40 is the key support, the upper range of $50 is the strong resistance range, and between that token is struggling. The big movement happens when the token escapes the upside or downside range.

DASH hourly chart shows bearish moves

The hourly chart shows that price breaks the lower trendline and trades in the lower Bollinger band. However, the base building and rounding bottom formation from the previous month gave the investors an entry setup. Now, the DASH price is taking a retracement at the previous support of $43. If it breaks, the trajectory opens in the lower side and lays toward $38. The short-term move replicates that shorts are built up now.

The RSI shows that from the higher range, a profit booking is done, which lays the moving average below 40. Now a pullback is expected after the sharp drop. The negative divergence of RSI leads to last week’s correction in prices.

Moreover, the MACD indicator is showing bears maintain the grips as the histogram is still bleeding the blood.

Conclusion:

DASH price is at an impressive stage of a breakout of the range. The bulls are stumbling to conquer the bears and attempting to escape the trap. The price has been facing a bear trap for the last three months and trading in a thin range. This time bulls are showing their efforts as the buyers expect.

Technical Levels:

Support levels:$40 and $35

Resistance Levels:$50 and $58

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss