DASH is a cryptocurrency ranked nr. Twenty-two in market capitalization, and an average 24H volume of $520 million, which is said to offer financial freedom to everyone. Transferring dash is fast, secure, and almost zero-fees. Dash was created in 2014, and its main features include instant settlements (instantSend), immutable blockchain( ChainLocks), optional private transactions (PrivateSend), and a two-tier network.
After the large drop Dash has created an ascending channel made on March 12, Dash has been moving up in an ascending channel. When we draw the linear regression channel, we can see that DASH moved mostly on the upper side of the channel until the end of April. In May, it is developing a corrective action that shows a descending channel. Also, most of the time, the price action is located on the upper side of this second regression channel.
We currently see the price approaching the midline in red of the short-term regression channel, which corresponds to the linear regression of May's prices. We see also that there is a support area where DASH is finding buyers.
Outlook
The sellers still dominate today's action, but we detect here a potential bottoming area. The confluence of the support area shown by the yellow rectangle, the regression line (red), and the bottom of the ascending channel ( which is the -2 sigma line of the regression channel) may create a joint support area for DASH which may trigger another leg up. To confirm this scenario, the price should break above both 50- and 200- period SMA. The confirmation can be accomplished if DASH breaks above the 75.8 level, which is also above the top of the price action made this weekend. A first target level might be set to the midline (dotted) of the ascending channel($83), with a second profit target at the last high made in April ($88).