- Dash bulls on ‘steroids,’ as the price draws nearer to $400.
- An ascending triangle breakout contributed to the strength of the tailwind.
- The transaction model reveals the absence of robust resistance zones ahead of Dash.
Dash price action has been inclined to the bullish side since the drop to $225 in April. The gradual recovery allowed technical and fundamental levels to strengthen, thus lifting above $300. Moreover, a consolidation period came into the picture with the upside capped under $330. The formation of a critical technical pattern on the four-hour pattern gave way for the gains eyeing $430.
Dash Nurtures Uptrend Eyeing $430
An ascending triangle pattern has been molded on the four-hour chart, as illustrated. This is a bullish continuation pattern mainly formed amid an uptrend. Two trend lines make the ascending triangle, connecting sequential peaks (relatively equal) and troughs.
The horizontal line (x-axis) portrays a weakening bearish picture, while the ascending trend line (hypotenuse) highlights the bullish strengthening bullish outlook. A breakout is expected before the trend lines meet and is characterized by a spike in volume. Note that triangles usually have exact targets measured from the highest to lowest points.
DASH/USD four-hour chart
In other words, the ongoing rally has the potential to extend to $430, especially if the resistance at $400 comes down. The Moving Average Convergence Divergence (MACD) validated the bullish outlook by moving higher above the mean line.
More buyers could be called into the market if the MACD line divergence from the signal line continues to expand. Similarly, support at $380 remains crucial to sustaining market stability allowing the bulls to focus on higher price levels.
The In/Out of the Money Around Price (IOMAP) on-chain model reveals that little resistance exists to hinder the upswing to $430. In other words, Dash has a relatively smooth path to achieve another milestone and perhaps close the gap to $500.
Dash IOMAP model
On the downside, numerous robust support zones are in line to offer support, ensuring that Dash avoids retesting lower price levels. The area running from $345 and $358 is the most vital support. Here, 16,000 addresses previously bought around 544,000 DASH. It will be challenging to slice through this zone; hence the least resistance path is upward.