Dash (DASH) couldn’t avoid the involvement in a mini-crisis that impacted the entire cryptocurrency market in the first week of September. But even prior to that crash, DASH has been retracing for three weeks in a row, losing a total of 40% in the period from August 3 until the first days of September.
1-week DASH/USDT chart
It has proven to be the biggest pullback since February, which eventually led to the market meltdown in the middle of March, which put DASH traders in a tricky situation. There is obviously a great concern that the altcoin could go into an even deeper correction that would ultimately lead to the price levels near $40, seen during the coronavirus crash.
On the other hand, the weekly chart above clearly shows that DASH is holding tight to the current support level at $65 that served well during the last six months. This occurring support area also converges with the 23.6% Fibonacci retracement level, thus providing some extra fortitude to the bulls who seem to have mustered enough strength to start pushing Dash to the upside, recording a solid 5% gain in the last 24 hours, although it must be noted that 87% of all tradable cryptocurrencies have been in the green during the same period.
The sudden dump also forced the 14-period RSI to break the ascending channel to the downside, which could have triggered more selling that pushed the price to $62, its lowest showings from last week. Nevertheless, it is evident that the bulls are prepared to go above and beyond to keep the price atop $65 - 23.6% on Fibo - as their effort is making the RSI crawl back inside the channel. Before the recent flash sale, MACD had the most bullish showings in months of price action, although now, it’s being actively persuaded to go into a bearish crossover. However, given how the buyers are withstanding the bearish pressure, the MACD line could bounce off the signal one and continue its way northward in the bullish zone, thus enhancing the corresponding momentum.
DASH is at the crossroads on the weekly, and the bullish push can’t be considered as a reversal, so taking a trade now would carry additional risks, unless you will try and hedge your position. Nevertheless, Dash looks healthier than some higher-ranked altcoins, so the probability of a revisit to 38.2% on Fibonacci or $91 by the end of September remains relatively high, on the condition that the rest of the market won’t take another nosedive. Otherwise, traders could see DASH sliding to $43 - $45.
1-day DASH/USDT chart
The efforts that the buyers are currently making become more evident on the daily chart, where the price began making its way to the upside, going from the support at $65 to the present price level at $76 in a slightly distorted yet obvious upswing that, nevertheless, might get rejected near $80 that coincides with the 200-period EMA. This move is likely to bring MACD, which has already begun to curl, closer to the signal line for a possible bullish crossover, though it’s likely that the main line would be rejected along with the price once it tests the moving average near $80.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 82.4% | 26 | $61 292.24 | -4.32% | -12.43% | $1 206 564 917 346 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 78.4% | 34 | $2 999.19 | -3.38% | -14.63% | $360 117 900 419 | ||
3 | USDT | Tether predictions | 92% | 1 | $0.999859 | -0.06% | -0.02% | $108 717 143 672 | ||
4 | BNB | Binance Coin predictions | 89.2% | 18 | $536.78 | -1.12% | -11.50% | $80 258 760 835 | ||
5 | SOL | Solana predictions | 78.4% | 41 | $135.11 | -1.71% | -21.72% | $60 355 987 465 | ||
6 | USDC | USD Coin predictions | 92% | 2 | $0.999875 | -0.02% | -0.02% | $32 512 251 853 | ||
7 | XRP | XRP predictions | 81.6% | 36 | $0.495590 | -0.23% | -19.61% | $27 316 850 911 | ||
8 | DOGE | Dogecoin predictions | 72.4% | 57 | $0.148549 | -5.60% | -25.78% | $21 380 062 673 | ||
9 | TON | Toncoin predictions | 73.2% | 51 | $6.15 | -0.85% | -8.47% | $21 346 888 535 | ||
10 | ADA | Cardano predictions | 76.8% | 45 | $0.448920 | -2.63% | -22.82% | $15 989 890 543 | ||
11 | SHIB | SHIBA INU predictions | 62.4% | 82 | $0.000022 | -2.70% | -20.72% | $13 056 286 082 | ||
12 | AVAX | Avalanche predictions | 68% | 65 | $34.13 | -2.52% | -27.97% | $12 899 169 697 | ||
13 | STETH | Lido stETH predictions | 91.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WTRX | Wrapped TRON predictions | 88.4% | 12 | $0.110175 | -0.97% | -7.25% | $9 653 480 964 | ||
15 | TRX | TRON predictions | 90.8% | 12 | $0.110102 | -1.42% | -7.18% | $9 647 092 238 |
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