Dash has been forming lower highs and finding support around 153.00 to create a descending triangle pattern visible on the 1-hour time frame. Price is testing the triangle top and appears to be attempting a break higher.
If so, Dash could be in for a climb that’s around the same height as the chart pattern, which spans 153.00 to 184.00. The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside or that the bullish break might be sustained. However, the gap between the moving averages is still too narrow to confirm bullish momentum as these might simply be oscillating. Besides the moving averages are holding as dynamic resistance at the top of the triangle.
Stochastic is also turning south so Dash might follow suit as sellers regain control without even seeing overbought conditions. RSI seems to be moving sideways but is turning slightly lower, also to reflect a return in selling pressure. In that case, resistance might still hold and pave the way for another test of the triangle support.
Dash has drawn support from updates by its core team at the Money 20/20 conference in Las Vegas. First up is the news that Uphold will be integrating directly into official Dash mobile wallets allowing Dash to be seamlessly purchased and used from a single app. This is now live in the Android version, with the iOS version to follow soon.
Next is cryptocurrency debit card company FuzeX’s partnership signed during the event. The companies also announced the availability of Dash-branded cards with four designs for customers to choose from. This could encourage stronger mainstream acceptance as the integration with FuseX allows users to spend Dash even at businesses where it is currently not accepted.
Images courtesy of TradingView
