Dashcoin Leg Higher Underway

Dashcoin (DSH)

Market Cap. $ 4.06B

Circulating Supply: 8.03M DASH

Max Supply: 18.9M DASH

Volume (24h): $144.36M

 

Dashcoin (DSH) increased by 7.48% today and by 40.26% in the last 7-days, signaling that the bulls are in full control. The rate has reached an important dynamic resistance and now has slipped lower in the last hours. The perspective is bullish on the short term so we may see the crypto at new highs soon.

DASH increased significantly after the valid breakout above the downtrend line and now is pressuring the 50% Fibonacci line (ascending dotted line). The perspective remains bullish as long as the rate stays within the ascending pitchfork’s body and most important above the outside sliding parallel line (SL).

Technically, it should be attracted by the median line (ML) of the ascending pitchfork which acts like a magnet. The major upside target is at the upper median line (UML), but we should have another retreat before the rate moves towards this upside obstacle.

Right now you should stay away from this crypto because is too higher to buy it at this moment. We may go long again after another minor correction. It remains to see if the correction will come now or after will reach the median line (ML).

Technically, it should approach and reach the $700 level in the upcoming period as long as it stays above the outside sliding line (SL).

We had a great buying opportunity after the rate has escaped from the minor consolidation. It has failed to retest the lower median line (LML) signaling a high bullish pressure. A valid breakout above the 50% Fibonacci line will confirm a further increase towards the median line (ML). Meanwhile, a false breakout or a failure to touch this line will send the rate towards the lower median line (LML) and the sliding line (SL) very quick.

Conclusion

You should stay away for now because we don’t have a trading opportunity at this moment. Another minor corrective phase will give you the chance to go long. You should place a Stop Loss somewhere below the sliding parallel line (SL).

©Forex.Academy