Dash Price Analysis: DASH/USD Breaks $500; More Gains Likely
Dash price recently surged higher and broke the $500 resistance against the US Dollar. DASH/USD is likely to continue moving higher towards $600.
Key Talking Points
Dash price recently made a nice upside move and was able to break the $500 handle (data feed by Kraken) against the US Dollar.
There is a major bullish trend line forming with support at $480 on the 2-hour chart of DASH/USD.
The pair might correct lower in the short term but remains well supported above $500.
Dash Price Chart Analysis
The past few sessions were super bullish for Dash price as it moved above the $500 handle against the US Dollar. The price traded above the $550 level and formed a new high at $562.51.
The current price action is very bullish and it seems like there can be more gains above $560 in the near term. An initial support is around the 23.6% Fib retracement level of the last wave from the $420 low to $562 high.
Below the $530 support, there is a major bullish trend line forming with support at $480 on the 2-hour chart of DASH/USD. The pair remains supported above the $480 and $500 levels.
An intermediate support is around the 50% Fib retracement level of the last wave from the $420 low to $562 high around $490. Therefore, there are clearly many supports on the downside starting with $530 toward $480.
On the upside, a break above the $560 level could trigger more gains toward $580. Above the mentioned $580, the next target for buyers should be $600.
The overall trend is super bullish and Dash price remains a good buy on dips toward $500 and $480. Only a close below $480 and the 100 simple moving average (2-hours) at $450 would negate the current trend and initiate a new bearish wave.
The 2-hour RSI for Dash has reached 72, which means there can be minor corrections toward $530 or $500 in the near term before the price moves higher.