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๐Ÿ“ˆ Daily TA: Dash (DASH/USD) | 14-01-2022

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Hodl, dear members of Leofinance!

Today, I would like to comment on the price chart of DASH - crypto that used to be very popular for payments back in 2018 and 2019 in Latin America, or this is what media used to claim.

Let us start from the monthly time frame (MN), where DASH/USD has formed a sequence of very interesting candlesticks: Recently, it formed a Shooting Star - a common trend reversal candlestick that usually occurs at the top of the price increase. After that, a solid bearish candlestick formed. This was a confirmation of the arising bearish pressure. However, now, the price is trying to form a small Doji. It is a signal that the price is trying to consolidate.

In the weekly chart (1W), the chances of consolidation are increasing. After the recent price dip, DASH/USD formed a Bullish Engulfing and a Hammer: The combination of these two bullish candlestick formations indicates that the market is trying to form a bottom.

So, let me remind you that in the daily chart (1D), we have been following the Triple Bottom (common trend reversal pattern) that formed during the bear market in 2019 and 2020: Right now, the price of DASH is at the upper line of the Triple Bottom. That's why it is starting to receive support. If the price rebounds from this line it may try to restart the uptrend once again. If it happens, the chances of starting a sustainable long-term uptrend will increase.

For this to happen, first, in the 4-hour chart (4H), DASH/USD has to exit the Descending Triangle (common trend continuation pattern) in the upward direction: As can be seen from the chart, the price is already at the end of the triangle. So, very soon we will see if the uptrend will resume.

To be continued ...

As of the time of writing, one DASH costs $143,53 on the EXMO exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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