- Dash bounces off the short term trendline support adding more than 4% onto its value on the day.
- The technical picture must continue to improve for Dash to rise above $60 in the near term.
Dash bulls are on a mission to break barriers in a bid to close the month of November in the positive. Generally, the cryptocurrency market is bullish with cryptoassets posting gains between 0.5% and 4$ on the day.
The overwhelming declines towards the end of last week and earlier this week almost the legs underneath Dash. The price explored lower level after lower until support was established between $48 and $50. Dash also spent the last three days nursing wounds while in consolidation between $50 and $52.
A breakout staged on Thursday spiked in an engulfing candle above $54. However, the advance move meant to break $56 level resistance lost momentum resulting in a minor reversal. Fortunately, Dash found support above the Simple Moving Averages, precisely at $52. It is this support that is giving way to the ongoing reversal targeting $56 resistance.
The Relative Strength Index is almost breach the overbought zone at 70. The MACD has not only stayed above the zero line, but also it’s moving higher. As long as the technical picture improves or stays intact, Dash could forge its way above $60 ahead of the weekend session.
DASH/USD 1-hour chart
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