- DASH/USD has gained 0.6 percent for the day.
- The crypto has been trading in a descending channel for more than a week.
- The prices are expected to retest the upper trendline of the descending channel.
- The crypto is still on a bear market, and is expected to hit the support level
- Short term traders can still go long as the market approaches the upper trendline.
DASH/USD opened the market at $70.344, reaching highs of $71.500. At press time, the market has gained 0.6 percent, trading at 71.175.
DASH/USD daily chart
DASH/USD has been trading within a descending channel for the 8 days, after hitting support levels of $64.885, where it retraced to 61 percent Fibonacci retracement levels. The prices on the DASH/USD daily chart have touched the upper trendline of the descending channel, and are more likely to give a false breakout before resuming the bearish move.
Indicators on the daily chart seem to confirm a bearish move in the offing, with Bollinger Bands showing prices bouncing off the lower band as a result of pullback. However, the indicator still shows signs of volatility with prices biased towards the lower band, which indicates a bearish move.
The MACD indicator is also biased towards a bearish move, showing only a small divergence to the upside. The indicator reading is still below the baseline, which indicates that the crypto is still in a bearish move.
DASH 4-hour chart
The 4-hour chart shows that prices are trading within a support and resistance level of $64.885 and $79.659 respectively. The prices hit the resistance levels on 12th September, and have been trading withing descending channel since then,
At press time, the 4-hour chart shows the prices are on the rise, gaining 0.60 percent for the day. However, the prices are coming out of a resistance level of the lower descending channel trendline and are expected to hit the upper trendline of the channel.
Therefore, for short term traders, DASH/USD is likely to move a few percentage points to the upside until it hits the upper trendline. The prices are also likely to have a false breakout, where the prices will seem to move past the upper trendline of the channel as though they have broken out of the structure and reversed to a bullish market, further indicating that short term trade to the upside is possible on the 4-hour chart. The prices are then expected to drop and are likely to hit the 64.885 support level.