Price Analysis

Dash (DASH) Beats the Bearish Pressure; Notes an Escalation of 27%

Despite the current troubled market, DASH coin has efficiently carried out a price rise of more than 27% over a day. This is not a regular bullish price move, as while the currency has noted such an escalation, Bitcoin price has remained range-bound around $5200 to $5300.

The overall market is so much bearish that even the top altcoins are also stuck below their resistance levels. One such coin is XRP, which has been performing well till the Coronavirus pinched the market hard. Since yesterday, XRP coin is trading around $0.14 only. Similarly, the Ethereum price is ranging between $110 to $117 since yesterday.

Dash cryptocurrency saw its price shot up above $65 yesterday in the second half. This escalation was of more than 41%, and the coin started forming a bullish trendline after it corrected down. The corrections took the DASH price down at the 61.80% Fib level, which corresponds to the $53.36 price mark.

Dash News
DASH/USD Chart By TradingView

The Dash coin price closed above $60, however, recently, it has formed a dip at $58. The coin has traced a head-and-shoulders pattern that hints towards an upcoming fall. Moreover, the short term SMA line is above the long-term SMA line noting a positive momentum. RSI is at 62, confirming the bullish sentiment.

Dash News Price

Bollinger bands of the coin are not showing any sign of volatility right now. The coin is above the EMA line with a stable bias; meanwhile, the MACD chart has slipped into a bearish phase. It is to be noted that Dash, which is now strolling around $60, was firmly above $105 before the market got severely hit by the infamous Coronavirus.

Tags

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button
Close