HomeUncategorizedDash price analysis for 02/08: third attempt to break the 61.8% Fib

Dash price analysis for 02/08: third attempt to break the 61.8% Fib

Today is proving to be a very exciting day for cryptocurrency traders. A lot of good money can be made today when timing swings correctly.

In the case of the Dash price, its ongoing bull run has not slowed down in the slightest. The overall momentum remains very potent, and further upward potential can materialize under specific conditions. 

Dash Price Eyes the $130 Level

It would appear that the overall sentiment is bullish in cryptocurrency. All markets are going up again, which is always a fun sight. The Dash price is a good example of what can be achieved throughout the year 2020.With a 146.2% increase in value over the past 30 days, there is nothing to complain about. 

This week, there has been a bit of a breather. Not entirely surprising, as all markets needed to reset a bit before moving higher. As far as the Dash price is concerned, things have progressed nicely ever since. The dip to $110.49 gave traders ample time to buy in cheap. Today, the value of $127.39 seems to hint at what the future may bring.

With more than ample trading volume, there is no reason to think this uptrend will end.  Dash/USDT pairs remain very popular, as does DASH/BTC on FatBTC and DASH/USD on P2PB2B. The fiat pair is what brings in fresh liquidity, which is what every market needs today. 

Dash/USDT Technical Indicators

Fintoism Dash USDT 0208

Bollinger Bands: Despite ample liquidity, the Bollinger Bands are narrowing on the Dash price chart. That is an interesting development. It shows there is ample momentum in the market with another big move materializing soon. 

Moving Averages; Plenty of bullish activity where Dash’s moving averages are concerned. The MA50 has crossed the MA200, which has been coming for a while now. That further shows how powerful the current uptrend is. The MA20 remains well ahead above everything else, 

RSI: It appears that the Dash price RSI has gone a bit flat in the past few days. That is a good thing, in this case. It shows the current price level can be sustained while traders accumulate even further. Under normal circumstances, this signals a further bullish trend.

Fibonacci Retracements (Dash/USD): A crucial test is coming up for Dash in the coming days. The 61.8% Fib has been rejected twice already. A third attempt has been forming to finally break through, but it needs to be decisive. It does appear that the 50% Fib acts as support near $108.89.

Fintoism Dash Fib 0208

Resistance Levels: Until the next Fib is broken, it remains the primary resistance level.  The $127.36 level will need to be overcome pretty quickly. If broken this time around, the next resistance sits near $140.283. In between, there is also some potential friction near $134.12 and $138.98 to overcome. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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