✴️ Dash Reversal, Aims At $60 (Name Your Altcoin)We are looking at it up close to spot the reversal which is what's most relevant right now. Or I should say the "potential" for a reversal because things can always change.
This is Dash on the daily timeframe, DASHUSDT.
Dash produced a low in June 2023 followed by a lower low in August.
The current daily session trades above both these lows with the June low being more important as it is higher.
Dash is also trading daily above EMA10.
These simple yet powerful signals indicate that there is bullish potential for this pair.
Even though the price is weak;
Even though the pair is trading near support;
Bullish potential means that it can grow not that it is trading at new highs or all-time highs.
For example, a weak/oversold RSI is a bullish signal because there is potential for a reversal.
I am mentioning this because some people read it the other way around.
Now, these signals are supported by a strong bullish divergence with the MACD and RSI, see the charts below.
These oscillator are producing higher highs while the pair produced lower lows...
MACD (higher low since August-June)
RSI (higher lows October-August-June)
And so we have potential for a reversal to take place.
Looking at this in isolation can be tricky and thus we consider the rest of the market, meaning Bitcoin as well as some conventional assets like Gold and the DXY.
Bitcoin is bullish and hitting new daily highs.
Gold is bullish and positively correlated with Crypto while the U.S. Dollar Index (DXY) which is has a negative correlation is bearish. There you have the entire soup.
The Altcoins are bullish as well.
Looking at the entire picture together leads us to the conclusion that Dash too can also develop a new bullish wave.
$60 can be the next target... Higher or lower?
Who knows... Who cares!
Thank you for reading.
Namaste.
