What you need to know:
- DASH gains 20% after a bullish breakout, showing strong short-term bullish sentiment.
- Breaking a falling wedge near $45 signals a potential trend reversal.
- Immediate resistance at $46; higher targets of $66, $74.19, $103.28 and $136.68.
Dash is moving in an upward direction with a notable price increase due to market conditions changing from bearish to bullish. The price has increased by 7.69% in the last 24 hours and 13.22% in the last week.
However, crypto analyst Zayk Charts said marked that Dash is regaining momentum after confirming a technical breakout and seeing its price gain more than 20% since the breakout. This confirms that short-term market sentiment is in favor of the bulls as market players manage to sustain the market to greater heights.
Source: Zayk Charts
Technically, the first major resistance target traders should look at is the $46 mark, which is based on a past resistance level. But if bullish momentum and volume remain strong, DASH could move further to reach the higher target of $66.
Also Read: Dash Price Rally Alert: DASH Expects $52-$130 in Coming Weeks
DASH breaks out of long-term downtrend, bulls take control
Additionally, another crypto analyst, Rose Premium Signals, said revealed that the token caught the attention of traders and investors in the market after it managed to break the falling wedge pattern it was in, a pattern that was recognized as a strong indication of a reversal in the market. DASH managed to gain almost 15% on the market and trade around $45.08 after the breakout.
Source: Rose Premium Signals
Technically, the breakout from the falling wedge pattern makes a broader rally more accessible if buying volume remains strong. Key resistance levels now in view include $74.19, followed by levels at $103.28, and a target of $136.68 if the rally continues to gain momentum. The outbreak could be followed by a recovery phase if market conditions are supportive and if DASH is able to maintain the strength of the outbreak.
DASH 4H Chart Indicates Strength After Breakout
Moreover, DASH has moved into a short-term bullish pattern following the clear break above the significant psychological level of $40. The strong impulsive move indicates a significant amount of buying activity, and the recent period of stabilization at $44-$45 seems quite healthy. Rather than signaling trouble, the current sideways movement appears to be a sign that the market is consolidating and preparing for the next move.
Source: Trading view
The momentum indicators are still positive. The RSI (14) is currently around 64, well above the midline SX and not yet overbought. The Bull Bear Power is still positive, although it has cooled off slightly, indicating that the bulls are still in control. As long as support remains above $42, a breakout above $45-$46 is still possible.
Also Read: Dash’s Make-or-Break Moment: Will It Soar to $120?
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