Technical Analysis for DSHUSD for 2nd August 2022
DASH Capped Below Critical Resistance; Will Bulls Break Above $53?
Past Performance of DASH
DASH is moving within a tight trade range when writing, trailing the USDT in the past 24 hours. In a $13 trade zone with caps at $53 and $40, marking recent swing highs and lows, the coin is within a bear formation in a possible distribution.
DASH Technical Analysis
Despite encouraging gains in the past few days, DASH has resistance at $53. Bulls have failed to follow through and piece above the liquidation line in a bullish breakout formation. Instead, the August 1 bar closed as a bear candlestick with relatively high trading volumes indicating selling pressure. Since there is a three-bar formation swinging to favor bears, conservative DASH bulls may wait for a clean close above $53 before committing with targets at $65 or better in the medium term. Losses below $43 and July 27 low may invalidate the bullish preview, possibly triggering a sell-off towards $40.
What to Expect from DASH
DASH is distributing, trading within a $13 zone in a broadly bearish formation. Unless there are encouraging gains above $53, the coin remains under pressure.
Resistance level to watch: $53
Support level to watch: $40
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