- Dash crypto price broke out the 4 month high at $50.18 and formed a giant bullish candle on monthly basis
- Dash price sustained above 200-day EMA and prepares the golden EMA crossover
- Dash crypto technical indicators turned highly bullish and 24 hours volume is up by 66.51%
Dash crypto price is trading with bullish cues and bulls are trying to hold the prices above the 50 and 200-day EMA. However, the price is near the supply zone and it will be interesting to see how the price reacts in the coming days. Currently, The pair of DASH/USDT was trading at $57.02 with intraday gains at 12.49% and the 24-hour volume-to-market cap ratio at 0.2108
Will the Dash price continue the upward rally?
On a daily time frame, Dash price is rising upward while forming higher high swings and bulls have succeeded to keep the price above the 50 and 200-day EMA which shows the confidence of the bulls at the lower levels.
Recently, Dash price took support at $40.00 and reversed upward with positive momentum. This has triggered positive sentiment in Dash investors and after a little bit of consolidation near the supply zones, buyers had broken out of the 4 month high at $50.18 with a giant bullish candle and continuing the upward momentum.
Dash crypto has seen a massive spike in volume which increases the sustainability of the recent breakout and also denotes that some genuine buyers have taken long positions and are expecting more upward movement in the coming days. However, the price is near the supply zones and $58.75 will act as an immediate hurdle for bulls followed by the next hurdle at the $68.18 level.
Dash technical indicators are turning bullish and the price seems to be preparing for the golden crossover of 50 and 200-day EMA. The MACD had generated a positive crossover indicating the bullishness is likely to continue in the coming days.The RSI curve 68 sloping upside denotes the strength of the bulls. However, if the price gets outside of the supply zone then $40.00 will act as a savior for the bulls.
Summary
Dash price had a breakout of the 4-month high and formed a giant bullish candle, which shows that the price is coming back to the bullish track. The positional trend has reversed in the favor of bulls as well. The technical analysis suggests that the Dash price is in bulls’ grip and if price holds the $50.00 level then more upward movement is possible in the coming days.
Therefore, aggressive traders may look for buying opportunities near the 50-day EMA retracement for the target of $68.00 and above by keeping $40.00 as SL. However, if price slipped below $40.00 then bears can drag it down toward the $31.66 level.
Technical levels
Resistance levels: $58.75 and $68.18
Support levels: $40.19 and $31.66
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/01/29/dash-price-prediction-dash-prices-surged-12-and-prepare-for-the-golden-ema-crossover/