Baxia Markets
May 05, 2022

Dash breaks resistance at 23.6% Retracement

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The cryptocurrency is showing some signs of recovery after reaching its lowest level since late February. Dash is 8.43% up in the trading sessions and managed to break the resistance level at $94.45. The short and long-term moving averages crossed in mid-April and the pair has lost more than 12% including today's gains.


The price still trades below the moving averages, indicating that the trend is still downwards; however, if the recent breakout is completed, we could see a trend reversal in the medium term.



Dash May 4th 2022


The Bollinger bands are wide enough to expect high volatility in the short term, the pair traded below the lower band, suggesting that the price was relatively low, incentivizing traders to open long positions. The lower band expands more than the upper band, which indicates that the price could still move downwards if the breakout is not completed.


The relative strength index is at 43% which will allow the pair to move in either direction before entering an oversold or overbought status. Our parabolic SAR indicator suggests that the price will start to move upwards in the short term.


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cryptocurrency, trading conditions, technical analysis, trading indicator

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