Dash price recently moved above the $280 resistance against the US Dollar. DASH/USD is gaining pace and might attempt a break above $300.
Key Talking Points
Dash price recently gained traction and was able to break the $280 resistance (data feed by Kraken) against the US Dollar.
There was a break above a major bearish trend line with resistance at $276 on the 2-hour chart of DASH/USD.
The pair is now well above the 100 simple moving average (H2) and might attempt a break above $300.
Dash Price Chart Analysis
After a steady decline, Dash price found support near the $250 level against the US Dollar. The price formed a bottom and started an upside move above the $260 level.
During the upside, the price was able to break an important resistance at $280, which acted as a strong pivot zone. There was also a break above a major bearish trend line with resistance at $276 on the 2-hour chart of DASH/USD.
The pair traded as high as $301.77 and is currently placed well above the 100 simple moving average (H2). A short-term correction is underway and the pair has already tested the 38.2% Fib retracement level of the last wave from the $282 low to $301 high.
It is holding the ground well above the $280 level and remains supported. On the downside, the 50% Fib retracement level of the last wave from the $282 low to $301 high and the $280 pivot are important support zones.
As long as the pair is holding the $280 pivot, there is a chance of an upside break above $280 in the near term. Above $300, the price could test the $320 level.
On the flip side, if Dash price fails to stay above the $280 level, there can be a pullback toward the last swing low of $250.
Therefore, traders can keep an eye on the price action and $280 for the next move either above $300 or below $280.