- Dash price is trading with downtrend momentum over the daily chart.
- DASH crypto still stands above 20 and 50 EMA and below 100 and 200-days Daily Moving Average.
- The pair of DASH/BTC is at 0.002255 BTC with an intraday gain of 1.58%.
Since June 25th, the price of Dash has been consolidated inside the horizontal range-bound area. The token has been trying to find a way to exit the consolidation phase, but bulls have repeatedly been unable to sustain gains at the threshold of the consolidation phase. Bulls in DASH appear committed to recording the token’s breakthrough from the horizontal range this time. The token’s price has been stabilizing between $39.50 and $54.00, nevertheless. The price of Dash is currently in a strong uptrend and moving upward toward the consolidation phase’s upper range. To allow the token to rise above the caged area, DASH bulls must maintain their position at the trendline.
Dash’s estimated price is $52.100 at the moment, and in the previous day, it increased by 0.56 percent in terms of market cap. The intraday trading session saw a 7.94% increase in trade volume. This suggests that traders are seeking to take advantage of the opportunity to allow DASH break through the consolidation period. Volume to market cap ratio is 0.1755.
On the daily price chart, the price of DASH is attempting to climb toward the upper trendline of the consolidation phase. Bulls in DASH must gather in order to observe the breakout of the token. Bears, however, could halt this bullish momentum of the DASH coin at any time as volume suggests that the accumulation rate is low. For DASH bulls to avoid falling into any bearish traps, they must accumulate at a considerable rate.
What do Technical Indicators suggest about DASH?
On the daily price chart, the DASH currency price is getting ready to break out of its consolidation period. For the token to break out of the horizontal range, it must keep up its upward speed. Technical indicators suggest the sideways momentum of the DASH coin inside the consolidation phase.
Relative Strength Index showcases the sideways momentum of DASH coin. RSI is at 58 and is flat above neutrality. MACD exhibits the sideways momentum of a DASH coin. The MACD line is ahead of the signal line but with a minor difference.
Conclusion
Since June 25th, the price of Dash has been consolidated inside the horizontal range-bound area. The token has been trying to find a way to exit the consolidation phase, but bulls have repeatedly been unable to sustain gains at the threshold of the consolidation phase. Bulls in DASH appear committed to recording the token’s breakthrough from the horizontal range this time. The token’s price has been stabilizing between $39.50 and $54.00, nevertheless. Bears, however, could halt this bullish momentum of the DASH coin at any time as volume suggests that the accumulation rate is low. Technical indicators suggest the sideways momentum of the DASH coin inside the consolidation phase.
Technical Levels
Support Levels: $48.50 and $47.50
Resistance Levels: $53.00 and $54.00
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/08/06/dash-price-analysis-dash-facing-correction-near-upper-range-of-consolidation-phase-whats-next/