Hello traders! Since May 29, Dash has been on a steady rise. Price has reached the $84.38 high on April 9, which still acts as the resistance. Price attempted to break higher, although there was still no daily close above this level.
Currently, DASH/USDT corrected down and rejected the 200 Exponential Moving Average along with the uptrend trendline. The lowest point of the current correction was $75.36, which seems to be a decision-making price.
As long as Dash remains above $75 area, uptrend will remain valid and price should be expected to re-test the key resistance at 84.38. Besides, this level cleanly corresponds to the 61.8% Fibonacci retracement level.
But at the same time, downside pressure remains quite high and $75.36 level must be watched for a breakout. A daily close below this level will invalidate further growth potential and Dash uptrend is very likely to turn into the downtrend, at least for the short term.
Bias: Strongly bullish while above $75.36
Potential Support Zone: $77.30 – $75.36
Potential Targets: $84.38
Have a profitable trading!