DASH is consolidating within a bullish triangle pattern as momentum builds for a possible breakout. Analysts expect a strong upward move for the DASH price if resistance breaks, while weakening trading activity and cautious sentiment suggest the market remains in a short-term consolidation phase.
At the time of writing, DASH is trading at $43.58 with a 24-hour trading volume of $88.58 million and a market capitalization of $554.08 million. Despite the 4.25% decline over the last 24 hours, the question is whether the DASH price could maintain its momentum or continue its downward momentum.
Source: CoinMarketCap
DASH Price Eyes $53 as Bullish Triangle Breakout Nears
Furthermore, the crypto analyst Crypto With Gopal revealed that the DASH price is tightening within a massive symmetrical triangle on the 4-hour chart, signaling that a major breakout could be approaching fast.
The DASH price continues compressing between rising support and descending resistance, highlighting an intense battle between buyers and sellers. Analysts note that higher lows indicate growing bullish momentum as market pressure steadily builds near the apex.
Source: Crypto With Gopal’s X Post
According to technical analysts, the DASH price could soon witness a critical breakout period, where increased levels of volatility would follow after breaking out of the triangular formation.
A move above this resistance could mark the start of an upward surge in the DASH price. At the moment, there is a growing consensus among analysts who have set the target at $53.
Also Read: DASH Price Prediction: Bulls Target $1010 as Bullish Trend Strengthens
DASH Price Structure Point to a Cooling-Off Period
According to TradingView, the DASH price displays strong recovery after sharp falls from $90.00 to $30.50, which marks a macro low.
Currently, the DASH price is at $43.51900, indicating a drop of 2.73%. Resistance will be found on the 20 EMA, valued at $44.44075, whereas support will be sought below, amongst closely packed moving averages.
Source: TradingView
In technical analysis, the technical indicators point towards a period of cooling off in regard to the asset’s performance.
The RSI indicator with a look-back period of 14 periods stands at 49.49 and is below the yellow signal line of 52.71. In a neutral position, this reflects equilibrium and implies that the asset may consolidate.
DASH Derivative Data Point to Cautious Outlook
However, the drop in the open interest of DASH is recorded at 4.70%, leading to a reduction in open interest to $70.07 million. This fall in open interest suggests that traders are unwinding their positions, and this could be as a result of uncertain market conditions.
Source: Coinglass
Volume fell by 17.35% to reach an aggregate value of $90.60 million. The fall indicates a low level of involvement and reduced trading in the market, which could mean caution on the side of investors and traders.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also read: DASH Price Breakout Point to $1,700 Rally After Falling Wedge Formation
