Dash has been in a bull market since the beginning of this month, but price has been unable to surmount the big resistance at 0.0159. This area has prevented the market from breaking-out about four times since the 16th, when price first bumped into 0.0159.
Why is the market having such a hard time breaking above 0.0159?
Well, the entire range between 0.015-0.016, is one giant pivot zone that goes all the way back to February of last year, when this range acted as resistance. The daily chart shows that this range also acted as support on 2nd of April, and turned into resistance again on April 24, 2105. This area is very significant and has a long history! Is it really any surprise why the market is having such a hard time here?
The 2-hour chart shows an ascending triangle formation, which means that pressure is mounting. Triangle formations usually resolve themselves with huge breaks. The trading range has been getting tighter and tighter since the 16th, and it seems that a large move is imminent!!!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
