Dash had its first significant spike since mid-October. The spike occurred in line with bullish movements across the rest of the market where altcoins outperformed the market leader Bitcoin.
However, the analysis of Dash presents one of the more bearish pictures. The price has struggled to overcome key resistance points for much of the year and has largely underperformed in comparison to Bitcoin. Data from coinlib.io show Bitcoin losing 54% of its value for 2018 so far while Dash has lost 84%.
In terms of key resistance points, the 50 EMA may be the most recent resistance level. The appreciation on Sunday saw the price rise to this point and then quickly come to a halt. Price has been trading very flat for the past two days which indicates price could be struggling to overcome this point. With the 50 EMA downward sloping, this gives rise to a bearish outlook for Dash unless a significant influx of buyers can result in price action overcoming the 50 EMA.
The hourly chart for Dash shows Sunday’s spike followed by some fluctuations and a consolidation. The spike brought price action from around $155 to briefly above $170, an over 10% increase. The price currently trades around $166.
Although the analysis on the hourly Dash chart looks more bullish as the price could be consolidating before continuing its bullish movements, the overall analysis is bearish based on the analysis of the longer time frames.
- Dash had its first significant spike since mid-October on Sunday which saw it increase over 10%.
- Price has since started to consolidate.
- Price met some key resistance at the 50 EMA.
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