DASH Price Analysis – May 6
DASH Faces $128 Tough Level After a Bullish Reversal
Published on Monday May 6, 2019
DASH/USD Medium-term Trend: Bullish
Supply levels: $132, $136, $140
Demand levels: $120, $116, $112
After declining to $108 low in a late March, DASH began to climb slowly as it currently faces a strong supply level of $128. Once this level breaks up, a bullish move is confirmed. Following the ascending channel, a higher high move is reaching $132 demand level. Breaking up the demand level may further rally to $132 and $140 supply levels.
On the downside, the closest demands to watch out for are $120, $116 and $112 levels. The 4-hours RSI is revealed above the 50 level. Similarly, the 4-hours Stochastic RSI is bullish; suggesting a buying pressure in the market. However, DASH remains bullish on a medium-term outlook.
DASH/USD Short-term Trend: Bullish
DASH appeared to be following bullish sentiment after the April 25 bearish surge which later reverse trend in a bullish perspective. The price action has remained within the range of the ascending channel for about two weeks now. The current rise-up is revealed on the hourly RSI as the market remains above the 50 level; showing a sign of the bull.
The closest supply level is $132. On the 4-hours Stochastic RSI, however, is reflected at the overbought zone; suggesting a potential sell which is likely to bottom at $122 demand level. Dropping below this channel could send price action in a bear zone. At the moment, DASH is still following a bullish trend.