Yesterday Dash jumped above the immediate resistance that hindered it against the dollar, located at $ 123.74, a ceiling that has kept the price locked in a lateral behavior since mid-November.
Despite how good the signal is, with the Bitcoin correction happening, Dash is losing much of the gains.
The awakening of this crypto tells us about the possibility of the beginning of a bullish season for altcoins, as we are seeing with much of the first 100 cryptocurrencies in the ecosystem.
In this post we will be technically analyzing the Dash vs US Dollar charts, to look for signals that tell us what could happen next.
Dash tries to resume long-term trend against the dollar
Like much of the crypto market, this participant appears to have completed its long-term corrective period that has taken 3 years.
Unlike other cryptocurrencies, Dash has had a harder time starting to generate relevant profits. This means that a resumption of the long-term uptrend has not yet been confirmed.
However, signs of exhaustion of the bears are already beginning to be observed, and soon we could be seeing important jumps in this crypto.
When we look at the monthly chart of Dash vs US Dollar we notice bear weakness, then let the price form a higher low, which results in a head shoulder shoulder formation indicating possible trend reversal.
For the trend reversal to be confirmed, Dashcoin must break through immediate resistance at $ 115.38. At the moment the odds are in favor of this being what happens.
In the weekly chart, we do notice a clearer upward intention, composed of increasingly higher lows and highs, reaffirmed with yesterday’s jump.
Now with the overall market falling, the weekly candle is developing bearish. But since this candle has so long to go, it could still just be a correction before the bulls take control again.
Dash has the odds in its favor to keep gaining ground against the dollar. The next target is at $ 173.20, but really if a good takeoff occurs, those close resistances will not be major problems.
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