Dash has recently been experiencing some crazy price movement. In the past few weeks, the highs and lows were due to extremely long wicks of the candlesticks
. These swings in price are usually a good time to expect the price to retrace back to these levels in a more consistent manner. A few days ago, the price began its decline, following along a trendline
quite well until this morning. The price did close slightly above the trendline
and created a long upper wick like before. Although, the prices never reached a price above the EMA
(20) even on the highs of the candlesticks
. Along with the current trend, this leads me to believe that the EMA
(20) is being used as a pretty good resistance level
right now. If this level is broken, along with the resistance level
of 0.064936, I expect the price to continue in the bullish
direction due to the indication of a solid bullish
reversal. In the past, this 61.8% fib retracement has not been very reliable in terms of creating reversals. An indication of a bearish
target is present in the case of this level causing a reversal anyway. Even though the recent bullish candlestick
closed above the trendline
, if the price creates a reliable bearish candlestick
when closing at this period I would still consider this trendline
accurate and expect more bearish
movement before the actual breakout. The RSI
is still relatively low, although, it has been following price action quite well so there is not much that can be told from it aside from the fact that it was oversold last night and a breakout now is possible.
Important Resistance Levels: 0.067250, 0.064936
Important Support Levels: 0.062534, 0.060676
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Senior Research Analyst