Dash Price Analysis: Major Resistance Rejection But Uptrend Remains

Dash like the rest of the cryptocurrency market has seen a decent daily bounce after touching $79.08. The bulls were able to take advantage of the bounce and set a small daily uptrend.

Unfortunately, Bitcoin was just rejected from an important resistance level and most cryptos simply followed suit.

Dash was able to climb above the daily 12-period EMA but was rejected from it today. The daily uptrend remains intact, however.

The bulls now need to defend the last higher low at $85.36.

Dash Price Forecast in The Short-Term

The short-term doesn’t look too bad for Dash price in the short-term, however, Bitcoin’s actions will definitely have a significant impact on the price of the digital asset.

The 4-hour uptrend was clearly lost with a negative 4% candlestick just now. The bears were able to smash through several levels of support but again, this move happened because of Bitcoin.

The bulls still have a lot of support levels here, first at $85.36, the next at $83.02 and the last one at $79.08.

The 4-hour uptrend can be won back by the bulls if they are able to recover in the next 24 hours.

Similarly, the hourly uptrend was lost after the recent crash and the bulls are currently trying to bounce back up after hitting 28 points on the RSI.

Dash Price Long-Term Forecast

The long-term for DASH hasn’t changed much due to the recent move. The weekly chart remains in favor of the bulls after smashing above several important resistances.

The bears were able to break below the 12-period EMA and the 26-period EMA but the bulls are currently trying to defend the last one.

The bulls are also simply trying to set a higher low compared to $38.128 which means they still have a ton of space to work with.

Unfortunately, the bulls need to be careful as the monthly chart is still in a clear downtrend. They definitely need that weekly trend change in order to change the monthly downtrend.

Furthermore, DASH has been rejected several times from the 12-period EMA on the monthly chart and each time it was rejected, the digital asset saw a significant drop in the next few months.

DASH has been rejected again from the 12-period EMA which could mean the bears are ready to take control again.