Technical Analysis for DSHUSD for 18th January 2023
DASH Surges 78% in 2 months, Resistance at $55
Past Performance of DASH
DASH has nearly doubled from November 2022 lows, looking at the performance in the daily chart. Buyers remain upbeat, but the sharp retracement on Jan. 16 could pause recent developments. Notably, the bearish engulfing bar on Monday and the failure of bulls to reverse gains question the strength of buyers.
DASH Technical Analysis
The immediate resistance line and buy trigger lie at around $55. Since there is a three-bar formation signaling peaking prices and possibly bears, traders should be cautious. In that case, any confirmation pushing prices lower below December highs at around $50 towards $45 may allow aggressive traders to ride the bear wave, swinging the formation. If this happens, and DASH craters further below the middle BB, the coin may retrace to December lows at around $40. On the contrary, any move above $55 will confirm the current bull trend and buyers from mid-November.
What to Expect from DASH
Buyers are currently in control, but the uptrend is fizzling. It is after DASH roars above last week's highs at $55, confirming the bullish breakout above December highs. Only then can traders confidently double down, targeting August highs at around $60.
Resistance level to watch: $55
Support level to watch: $45
Disclaimer: Opinions expressed are not investment advice. Do your research.
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