2019-9-21 16:24 |
Dash has recovered over twenty percent higher from the summer lows The DASH / USD pair is on course for a breakout above the psychological $100.00 level Technical analysis highlights the $160.00 level as the potential bullish target
Dash is on course to post strong double-digit gains this week as the popular cryptocurrency searches for a potential breakout move above the psychological $100.00 level, which could eventually propel the DASH / USD pair towards the $160.00 level.
The cryptocurrency has been making major technical strides recently, and the DASH / USD pair is currently extending gains towards the $100.00 level. According to the daily time frame, the $100.00 level is an area of technical importance for numerous reasons.
Aside from being a key psychological marker, the $100.00 level is also home to a major long-term trendline, which traders have been using since December 2018. Once clearly above this long-term trendline, the recovery in the DASH / USD pair can really start to gather pace.
The short-term technicals are equally bullish and show that the DASH / USD pair is currently holding above its 200-period moving average on the four-hour time frame for the first time since early July this year. If the DASH / USD pair holds above the $87.00 level, the four-time frame suggests that short-term bulls will remain in full control.
The mentioned time frame also shows that a series of bullish inverted head and shoulders patterns are starting to take shape. The smaller bullish pattern projects the $120.00 level as the near-term target for the cryptocurrency, with the $100.00 the neckline and breakout area.
Once above the $120.00 level, a much larger inverted head and shoulders pattern will start to form, which projects the $160.00 level as the likely upside target, or in percentage terms, a sixty percent gain in value from current trading levels.
From a much longer-term perspective, the DASH / USD pair shows significant amounts of bullish MACD price divergence extending towards the $400.00 level. Should we see a rally occur towards the $160.00 level, it may provide an excellent opportunity to take a longer-term position in the DASH / USD pair, with the cryptocurrency’s longer-term goal in mind.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Dash is neutral, at 54.50.00 %, while the overall long-term sentiment towards the cryptocurrency is bearish, at 39.00%.
DASH / USD H4 Chart by TradingView Upside Potential
The four-hour time frame is showing that the DASH / USD pair has created a small inverted head and shoulders pattern, with an upside projection of around $125.00. The bullish breakout area is now located around the $100.00 level.
The daily time frame highlights major long-term trendline resistance around the $100.00, which could lead to a strong technical breakout towards the $160.00 level and a major sentiment shift. The DASH / USD pair’s 200-day moving average is located around the $150.00 level.
DASH / USD Daily Chart by TradingView Downside Potential
The four-hour time frame is showing that major short-term technical support is located around the $89.00 level. Key support under the $89.00 level is found at the $87.00 and $77.00 levels.
The daily time frame is currently showing that the DASH / USD pair’s 50-day moving average is the strongest form of medium-term support, which is located around the $90.00 level.
SummaryDash has extremely strong upside potential over the short-term if bulls can force a sustained breakout above the psychological $100.00 level.
Overall, further upside gains towards the $160.00 level are certainly an achievable and realistic target for the cryptocurrency over the medium-term horizon.
To get a quick refresher course on Dash check out our coin guide here.
A deep dive look into DASH and Dashpay is available in our DARE.
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