DASH Price Prediction: Price Breaks Out Above Resistance, Next Resistance at the 100-Day MA?
A look at the Dash Weekly chart in logarithmic form shows that price briefly traded inside the support area at $45-$55, before starting an upward move and is now trading at $80.
There is some bullish divergence developing in both the RSI and the MACD, the latter of which is moving upward with strength but is not positive yet.
However, the price is trading below the 7, 21, 50, 200 moving averages, and the Ichimoku cloud and multiple bearish crosses have occurred.
The first major resistance area can be found near $140.
A look at the 3-day chart shows an even more pronounced bullish divergence.
Similarly to the weekly chart, the MACD is moving upward with strength but is not positive yet.
Also, the price has moved past the 7-period MA but is trading below all the others.
The RSI is currently at 42.
A look at the Daily chart shows that price broke the resistance line in place since December 19th on significant but not extreme volume.
Furthermore, the MACD just turned positive. Price is trying to make a breakthrough above the cloud through the positive portion of it.
However, it faces resistance from the 100-period MA (white line).
Furthermore, the daily chart gives us a minor resistance area near $100.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart gives us a range in which price is trading in.
Price is currently above the minor support area near $75 and is moving toward the minor resistance area near $88.
However, there is some bearish divergence developing, and the RSI is deep into overbought territory.
I believe that during this week price will consolidate inside the trading range of $80-$90.
- There is a medium-term bullish divergence.
- Price is facing resistance from the 100-day moving average.
- Price is trying to break through the daily Ichimoku cloud.
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