DASH Price Analysis – May 30
While climbing higher, DASH market is closing up the angle area on the wedge formation as the price may set a new price level after surging away from the wedge, which is likely to play out either way. For the bullish wedge pattern, the breakout is commonly followed by a bearish move. But if a bullish break occurs, the price will hit $185 and above.
Resistance levels: $185, $195, $205
Support levels: $160, $150, $130
Pairing Dollar, DASH price has dramatically increased by 75% in the past 21 days of trading as the market reaches a tight angle on the wedge, signaling a potential surge in volatility which could play out in few days of trading. Currently, the bullish market is solidly supported by the 21MA and the 50MA – shooting in an upward direction.
A bearish surge is likely to find support around the $160, $150 and $130 concurrently, below the wedge and the moving averages. A bullish surge, however, could further rally toward the $185, $195 and $205 resistance. Considering the 4-hours MACD, we can say the DASH market is still trending in bullish territory.
DASH carved a bullish wedge after reversing from 0.0165BTC in mid-May. For the past three days now, the market has been sitting on the lower wedge along with supporting 21MA and 50MA. While respecting the wedge, we may see the next bull-run towards the 0.021BTC resistance and probably 0.0215BTC, testing the upper wedge.
If the market fails to respect the wedge formation, the market may experience a break down which could lead the bears to a near-by bottom at the 0.0185BTC before rushing to the rising level at 0.0165BTC. As shown on the 4-hours MACD, a bullish pressure is likely to play out. Nevertheless, the momentum is still bullish on a medium-term outlook.
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