The recent announcement of integrating Uphold directly into the official Dash mobile wallet and the partnership between Dash and the cryptocurrency debit card company FuzeX saw great support from the traders. Does the recent price action indicate a bottom formation? Let’s find out.
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The trend in the DASH/USD pair is clearly down. It has consistently made lower lows during the year, marked as ellipses on the chart. The price has stayed below the 20-week EMA since end-February of this year.
The bulls had attempted to push prices higher in end-August, but a lack of follow-up buying resulted in the digital currency giving up most of its gains. Currently, the bulls are trying to defend the year-to-date lows of $129.58. A break of the lows will resume the downtrend and sink prices to the next lower support of $113.
The virtual currency will show signs of a turnaround if it breaks out of the overhead resistance at $229.24. A breakout of this level can carry prices to the minimum target objective of $339 with a minor resistance at $266 levels.
Market data is provided by the HitBTC (https://hitbtc.com/) exchange. Charts for analysis are provided by TradingView (https://www.tradingview.com/markets/cryptocurrencies/?utm_source=cointelegraph&utm_medium=sponsored&utm_campaign=marketdata).
Source: COINTELEGRAPH (https://cointelegraph.com)