DASH Shows a Sign of Recovery as the Price Reaches the Oversold Region


Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

DASH/USD Price Long-term Trend: Bearish
DASH is in a falling bullish wedge pattern. A falling bullish wedge opens wide at the top while it contracts as the price move lower. DASH has a similar pattern as the price fell from a lower high of $160 to a lower low of $100. The coin continues its downward move to a low of $50.

When the pattern matures the resistance line and the support line will converge to form a cone. Meanwhile, in a falling wedge, a bullish breakout is expected when the resistance line is broken. Nevertheless, the price is falling to the lower lows and may reach a low of $40.

DASHUSD-Daily Chart

Daily Chart Indicators Reading:
DASH has fallen and it is approaching the oversold region of the daily Relative Strength Index period 14 levels 29. This indicates that the price will fall because it is below the centerline 50. In addition, the coin has fallen below level 30 suggesting that the bulls will come to take possession of price.

DASHUSD-4 hour Chart

DASH/USD Medium-term bias: Bearish
On the 4-hour chart, the market fell to a low of $48 and continues fluctuation between the levels of $48 and $56. The bulls tested the upper price range but were resisted as the market fell into the range. The bears are approaching the lower price range to retest it. The price may bounce at the lower price range.

4-hour Chart Indicators Reading
DASH is now trading in the oversold region below 20% range of the daily stochastic indicator. This implies that DASH is in a strong bearish momentum. The SMAs are sloping horizontally indicating that the coin is fluctuating.

General Outlook for DASH
DASH is now trading in the oversold region as buyers get ready to come into the market. The price action is showing consolidation above the $48 support level. Traders should lookout to buy setup to initiate buy orders.

DASH Trade Signal
Instrument: DASH/USD
Order: Buy
Entry price: $51
Stop: $35
Target: $68

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.