DASH / USD Price Analysis: Triangle Breakout
The broken descending triangle dominates the short term outlook, with buyers needing to correct it at all costs.
- Dash has a bearish short-term outlook, with the DASH / USD pair now trading below its 200-period moving average on the four-hour time frame
- Dash has a neutral medium-term outlook, with sellers probing towards the pair’s 200-day moving average
- The bullish inverted head and shoulders pattern on the daily time frame has now reached its upside projection
DASH / USD Short-term price analysis
Dash has a bearish short-term bias, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame is showing that the DASH / USD pair is now trading under a descending triangle pattern. Traders could target the March 26th trading low if the breakout is valid.
Bearish MACD price divergence is present on the four-hour time frame and also extends down toward the March 26th swing-low.
Traders should be aware that descending triangle patterns are typically bullish, which could indicate that the recent move lower is a fake technical breakout.
Relative Strength Index
The RSI indicator is bearish on the four-hour time frame and continues to move lower.
The MACD indicator has turned bearish on the mentioned time frame and shows negative MACD price divergence.
DASH / USD Medium-term price analysis
Dash has a neutral medium-term trading outlook, with the cryptocurrency falling back towards its trend defining 200-day moving average.
The daily time frame is showing that the inverted head and shoulders pattern has now reached its upside target, with sellers moving price back towards the neckline of the bullish pattern.
Technical indicators across the daily time frame have turned bearish and are continuing to issue sell signals.
Traders should note that a bearish head and shoulders pattern could form on the daily time frame if the recent decline continues.
Relative Strength Index
The RSI indicator has turned bearish on the daily time frame and highlights growing downside pressures.
The MACD indicator on the daily time has turned bearish and is issuing a strong sell signal.
Dash is coming under downside pressure across both time frames, with the bearish technical breakout on the four-hour time highlighting that a much deeper decline could occur.
The medium-term technical outlook for Dash could start to change if price starts to trade below its 200-day moving average and a bearish pattern takes shape on the daily time frame.
To get a quick refresher course on Dash check out our coin guide here.
A deep dive look into DASH and Dashpay is available here.