Since Dash reached an all time high, hitting $1600, it has lost over 80% to the USD. But this week it found the support at 88.6% Fibonacci retracement, where price failed to close below. In addition the uptrend trendline has also been rejected, suggesting that DASH/USD could have reached the bottom.
Perhaps now is the time for a trend reversal or at least a strong corrective move upwards. The first resistance is at $647, and the second, key resistance is at $683, both of which correspond to the Fibonacci retracement levels. If Dash would manage to break above the $700, it should confirm long term bullish uptrend, while the rejection should result in a corrective wave down.
On a downside, only a daily break and close below the recent low at $268 could invalidate bullish outlook and extend the consolidation.
Perhaps now is the time for a trend reversal or at least a strong corrective move upwards. The first resistance is at $647, and the second, key resistance is at $683, both of which correspond to the Fibonacci retracement levels. If Dash would manage to break above the $700, it should confirm long term bullish uptrend, while the rejection should result in a corrective wave down.
On a downside, only a daily break and close below the recent low at $268 could invalidate bullish outlook and extend the consolidation.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.