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Dash Dashes to Higher Prices (Price Analysis For DASH: March 12)

3 mins
Updated by Valdrin Tahiri
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Key Highlights For March 12, 2019.

  • The price has been on an upward trend since Mar 5.
  • Price is trading inside an ascending triangle.
  • The MACD and SMAs triggered a buy signal.
  • There is resistance near $85 and $90.5.
  • There is support near $80.

Horizontal Resistance

The price of Dash (DASH) on Binance is analyzed at one-hour intervals from Mar 4 to Mar 12. The price reached a high of $85.98 on Mar 7. By Mar 12, it had revisited the same level four times. Tracing these highs gives us a horizontal resistance line. Resistance Line Dash The resistance line can act as a ceiling to price. It predicts the upper limits of price. Theoretically, the price should not move above resistance. In several incidences, the price of DASH did rise above the resistance, but these highs quickly fell back below the line. Wicks above resistance without sustained movement above the line is relatively insignificant. For this reason, DASH’s deviations from the norm can be ignored.

Ascending Triangle

The price reached a low of $78.29 on Mar 4. Since then, it has been on a gradual upward move. Tracing these lows gives us an ascending support line. Dash Ascending TriangleThe wick low of $78.63 achieved on Mar 8 can be considered insignificant since it was not succeeded by further price decreases. On the contrary, price appears to have increased at the rate predicted by the line. The resistance and support lines combine to create an ascending triangle. This is a bullish pattern—which means that a price increase is more likely than a decrease. Given the current market conditions, it is likely that the price trades inside the ascending triangle until a possible breakout above the resistance. This could lead to rapid and significant price spikes.

Signal Triggered

The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. Combined with simple moving averages (SMA), it can be used as a trigger for buy and sell signals. Signals are triggered whenever the MACD line is above 0 and the price is above the 21 (red) and 50-period (green) SMAs. Dash MACD Signal On Mar 11, the price moved above the 21 and 50-period moving averages. Similarly, the MACD line crossed above 0. This would have triggered a buy signal, indicating that an uptrend may be starting. This movement will be invalidated by a price close below the SMAs and a MACD line cross below 0. These indicators appear to confirm forthcoming price increases as indicated by the ascending triangle.

Future Movements

In order to predict possible future reversal areas, the price of DASH on Binance is analyzed at two-hour intervals from Feb 18 to Mar 12.DASH Support and Resistance AreasThe price is currently trading at the first resistance area near $85. The next one is found between $90 and $91. If the price were to break out from the triangle, the $90-$91 area would be a likely reversal level. Conversely, the closest support area is found near $79. If the price were to break down, this would present a likely reversal area. According to our analysis, this scenario is unlikely.

Summary of Analysis

Based on this analysis, a breakout above the resistance appears more likely than a breakdown below support. If the price of DASH moves toward past the first resistance point, such a prediction may be partially validated. If the price reaches or exceeds $91, this prediction will be fully validated Do you think the price of DASH will break out of the triangle? Let us know in the comments below. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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