DASH Breaks Out To New Highs!
DASH had a powerful move up in February which took it from just $17 to over $100. In early March, it began a period of consolidation and DASH pulled back to a low of $45 in early April. This was met with huge volume and was a great sign of support.
From that point, DASH has steadily climbed and re-tested the $100 barrier again. In the chart below, the highlighted blue zone is where DASH continued to meet resistance. Throughout this consolidation process, we saw a classic Cup & Handle pattern form on the chart with the handle being the most recent pull back from $109 to $80.
DASH was at a critical juncture and a lower trend-line was also catching up and consolidating around the lows of this handle. If DASH was going to break out, it was going to do it soon.
Today, we saw that breakout with large volume. In just a matter of hours, DASH went from $99 to $145 before pulling in a little. This could have coincided with the big news on ZCASH which saw that token rise over 200%! In any case, this is a solid breakout on DASH and happened above a very nice looking pattern. It should be watched closely. The key area to watch on the lower end is the bottom of the blue zone which had previously been resistance. It would not be good to see DASH fall back below the $104 area.
If this breakout holds, we could quickly see DASH rise to over $200. Even at that price, DASH’s total market cap would only be $1.5 Billion based on current supply. This is not a prediction but just gives you a sense of how quickly these can rise and still not be considered overvalued. Just remember, there is a lot of news right now and anything can happen.
Cryptocurrency is known for being highly volatile so keep an eye on this one. DASH is a great project with a lot of attention right now. Longer term, I like DASH and the innovations they are working on.