Dash price remains bullish above $650 against the US Dollar. DASH/USD might soon gain pace and break the $800 resistance in the near term.
Key Talking Points
Dash price after a solid rise towards $800 (data feed by Kraken) against the US Dollar started a consolidation phase.
There is a major contracting triangle in place with support at $670 on the 4-hour chart of DASH/USD.
The pair might soon break the triangle resistance at $760 to test and break the $816 swing high.
Dash Price Chart Analysis
There were good gains in Dash price recently as it moved above the $650 and $800 resistance levels. However, the DASH/USD pair was not able to retain momentum above the $800 level.
A high was formed at $816.12 and later the price started a downside correction. It moved below the 50% Fib retracement level of the last wave from the $550 low to $816 high. However, the downside move was limited by the $650 support and the 100 simple moving average (4-hours).
Buyers were also successful in protecting the 61.8% Fib retracement level of the last wave from the $550 low to $816 high. At the outset, the price is currently trading higher and is placed well above $680 and the 100 SMA.
It seems like there is a major contracting triangle in place with support at $670 on the 4-hour chart of DASH/USD. The pair will most likely end up breaking the triangle resistance for more gains above $800 in the near term.
Should buyers step up the momentum, the price could even surge past $850 for a run towards the $900 level. Above $900, the ultimate target could be around the $1000 mark.
On the flip side, if the price fails to move above $760 and $800, there lies risk of a downside break. A break and close below the $650 support could accelerate declines towards the $580-600 support area.
The 4-hour RSI for DASH/USD is currently above 50 and is signaling more upsides in the pair above $750.